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 below
loading...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
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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