The housing market in the DC region in March had a number of the familiar calling cards that have kept it competitive for years: an extremely low supply of homes for sale, nearly record high home prices and listings selling in less than a week.
However, two metrics indicate that the market may be cooling off a little bit.
First, pending home sales in the region (the number of homes that went under contract) were down 12% year-over-year. Sales were down in almost every local jurisdiction compared to March 2021, with Loudoun County (-25%) and Fairfax County (-20%) leading the way.
Second, home showings were also down across the board. Showings fell 22% annually and again, dropped by double digits in most jurisdictions.
"There are more signs that this year’s spring market will be different," the new Bright MLS report said. "Buyers are less active than last year, as fewer properties up for sale and record-high prices early in the buying season contributed to declining showing volume."
While interest rates rose in March, their real upward trajectory began in the last two weeks, so it will be interesting to see how this increase will affect buyer demand when the April report comes out next month.
Photo courtesy of Kiley Rakowski with HDBros.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-area-housing-market-may-finally-be-slowing-down/19513.
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