What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
Stability and Seasonality: DC Home Sales in June at Highest Level in Six Years
Last month, 5,124 home purchase contracts were signed in the DC area, the highest total for the month of June since 2005, according to data released today by RealEstate Business Intelligence (RBI), the research arm of Metropolitan Regional Information Systems (MRIS).
Feel like you have heard this before? You have. The year-over-year report for May reported that it, too, had the highest number of signed contracts in six years.
The report released this morning also stated that the median home sales price for the area increased for the fourth month in a row, reaching $379,990, 7.5 percent higher than prices in May. One interesting takeaway from this statistic is that median prices are at their highest level since July 2008.
Courtesy of MRIS
Optimistic as these numbers are, RBI analyst Jonathan Miller told UrbanTurf that they are really just representative of seasonal home sales patterns and a return to a more stable market for the region. Also, he was careful to point out that the annual pending sales increase should be put into perspective:
“The 29.5% year‐over‐year June increase in pending sales activity was due to the comparison with last year’s post‐tax credit drop in activity, not a current surge in demand,” Miller wrote in the monthly report. “The numbers that we are seeing right now are more in line with normal seasonal patterns.”
Miller told UrbanTurf that the best indicator to watch is not the year-over-year statistics, but the month to month numbers. Robust as they are, pending sales dropped between May and June, and Miller noted that they will likely drop in the next couple months as the home sales market slows for the summer.
The area that MRIS analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.
See other articles related to: dc home prices, home prices, jonathan miller, mris, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/stability_and_seasonality_dc_home_sales_in_june_at_highest_level_in_six_yea/3783.
Most Popular... This Week • Last 30 Days • Ever
New renderings show the public space that will be part of the huge new residential de... read »
As Los Angeles looks to implement a "mansion tax" on April 1, UrbanTurf decided to ta... read »
Several large projects are in the works across the Potomac in Rosslyn while others ha... read »
In this week's edition of Above Asking, we highlight a home in Mount Pleasant that so... read »
Brookland Lanes is a large residential development constructed around the site of a f... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- Whole Foods at Walter Reed To Open This Summer
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro