Sales Rebound, Inventory Plummets: The DC Area Housing Market in July
✉️ Want to forward this article? Click here.
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.
story continues below
loading...story continues above
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.
Most Popular... This Week • Last 30 Days • Ever
This article discusses the variety of rental restrictions that may exist in condomini... read »
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
The new project is just the latest affordable development to move forward in DC.... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
The nearly 12,000 square-foot McLean house of the former Washington Nationals pitcher... read »
- Understanding Rental Restrictions in Condominiums
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
- Stephen Strasburg's McLean Home Sells For $8.55 Million
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro