Record Home Prices in the DC Area Continue to Put a Damper on Home Sales
Despite solid competition in the local housing market, evidence is mounting that high home prices are taking a toll.
The November report from MarketStats by ShowingTime, based on Bright MLS data, shows that home prices again hit a decade-high in the region last month, rising by 5.9 percent to hit $449,900. In DC proper, prices rose more than 9 percent to eclipse $600,000. However, rising prices mean that fewer buyers are willing to take the plunge: closed sales fell by almost 12 percent year-over-year — the fourth consecutive month where this metric declined. DC proper and Arlington County saw the biggest drops in closed sales, with respective declines of 17.8 percent and 21.7 percent.
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While rising interest rates are also effecting buyer demand, record prices across the region are likely the main culprit. Consider this: DC area home prices have risen 40 percent since 2009, jumping from $321,000 to $450,000. In DC proper, the increase is even more pronounced, skyrocketing 71 percent, from $350,000 to $600,000.
As for inventory, the number of new listings inched up by 0.3 percent year-over-year across the area; new listings increased by 1.8 percent for the District and stayed flat in Arlington County. Active inventory, however, went up by 2.1 percent regionwide and by a noticeable 14.1 percent in DC proper.
See other articles related to: bright mls, dc area home prices, dc area home sales, dc area market trends, dc home prices, dc home sales, housing inventory
This article originally published at https://dc.urbanturf.com/articles/blog/record-home-prices-in-the-dc-area-continue-to-put-a-damper/14793.
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