For the first time in recent memory, the DC housing market slowed down last month.
The latest report out from Bright MLS finds that pending home sales were down in July in almost every local jurisdiction compared to a year ago. DC proper saw the largest drop in sales (-16%) while the region overall saw sales fall by about 3%.
The Bright MLS T3 Home Demand Index, a new measure of homebuyer demand for the area, fell by nearly 17% in July. Detached single-family homes saw demand drop the most, but interest in each of the six home types tracked by the index fell in July.
While demand waned last month, the market still seems to be moving briskly for the middle of summer. Homes were selling on median in just a week and the median sales price to original list price ratio came in above 100% for the first time on record for the month of July.
“The Home Demand Index dropped to Moderate from High, which says that buyer interest is starting to subside from the incredibly frantic levels we saw during Covid," real estate economist Dr. Elliot Eisenberg told UrbanTurf. "I’m not ready to outright call it buyer fatigue, however. Median prices are still very strong, and showings are only down 8%, which given last summer’s heated activity is objectively low. Until we see real movement in prices, I believe the other stats are more seasonal dips that are more typical of a summer market."
This article originally published at https://dc.urbanturf.com/articles/blog/summer-slowdown-the-dc-area-housing-market-put-on-the-brakes-in-july/18596.
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