In June, DC home prices hit a record high and home sales faltered as a result. In July, it was a different story.
The July housing report from Bright MLS reveals that home sales were up in the region last month even as prices hit a decade-high for July. Sales volume in the DC area rose 4.4 percent year-over-year to just over $3 billion and closed sales came in at 5,282, the highest level for the month in ten years.
As sales rose, inventory plummeted. The supply of homes for sale in the region dropped 18 percent in July with new listings falling by 5.2 percent. The inventory of homes for sale fell in every jurisdiction in the DC region.
With a scant supply of homes for sale, but interest rates dropping to three-year lows, it will be interesting to see what happens with home sales in the coming months.
This article originally published at https://dc.urbanturf.com/articles/blog/sales-rebound-as-inventory-plummets-the-dc-area-housing-market-in-july/15750.
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