What's Hot: The 5 Developments on the Boards For Buzzard Point | IKEA Opening Small Format, Delivery-Only Location in Pentagon City
The 3 Most Important Charts for the Fall Housing Market
With the first day of fall arriving this week, the fall housing market is officially here. UrbanTurf looked at what we think will be the three metrics that will determine the direction of the DC-area market in the coming months.
DC-area home prices have been hitting new highs annually for almost a decade. However, unlike past years, record prices aren't dampening sales in 2020. As the chart above shows, both home prices and home sales were at decade highs in August. If the frenetic sales pace continues into the fall, the supply of homes for sale will continue to drop unless a glut of new listings come on the market.
story continues belowloading...
story continues above
A year ago, there was a two-month supply of homes for sale on the market in the DC region. Since then, the for-sale inventory has been below the two-month mark every month, hovering around the 1.3-month mark for the last several months. A notable increase in new listings in August didn't increase supply and with interest rates low, the inventory of homes for sale will be an important metric to watch as we get into the fall market.
It's becoming a refrain that we find ourselves writing almost every week: interest rates have never been lower. Long-term rates have been below the 4% mark since last June and have been below 3% since late July, hitting a new low of 2.86% just two weeks ago. The low rates are enticing buyers to come into the market in droves, a trend that will likely accelerate if rates continue to drop.
Thumbnail image is of a condo for sale in Foggy Bottom.
See other articles related to: dc area home prices, dc area housing market, dc area market trends, dc housing inventory, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/the-3-most-important-charts-for-the-fall-housing-market/17326.
Most Popular... This Week • Last 30 Days • Ever
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 »
The new development keeps humming along in DC's Buzzard Point.... read »
It is early in the year, but there are already a number of areas around DC where home... read »
This week's Best New Listings includes a condo with a former life as a hotel entrance... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
As the neighborhood waits for highly-anticipated restaurants to open, and luxury home... 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 »
- 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
- The Stacks, Brooklyn Bowling and a Vermeer: The 5 Developments on the Boards for Buzzard Point
- DC's 14 Million-Dollar Neighborhoods in 2023
- Best New Listings: A Hotel Entrance Turned Condo
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Whole Foods at Walter Reed To Open This Summer
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- New Hotels, Mall Conversions And The 450 Units On The Boards For Georgetown
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