June will be remembered as the month in 2022 when the DC-area housing market hit the brakes.
Pending home sales fell by at least 10% in every local jurisdiction last month, a clear sign that high interest rates and the highest home prices on record for the region are pushing homebuyers to the sidelines. As sales declined, the supply of homes for sale is up almost everywhere in the DC region. In DC proper, there are 20% more homes for sale compared to the same time last year.
Below, UrbanTurf plucked out some of the more telling statistics from the market last month.
- $598,000 -- The median home price in the DC region in June, just below the all-time record set earlier this year.
- $775,000 -- The median home price for a detached house in the region, also just below record levels.
- 1.19 -- The months of supply of active listings in the DC region, up 7% compared to last year.
- -24% -- The drop in pending home sales compared to June 2021.
- 125,000 -- The total number of home showings in the region last month, down 25% year-over-year.
This article originally published at https://dc.urbanturf.com/articles/blog/putting-on-the-brakes-the-5-most-important-stats-june-housing-market/19882.
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