The DC-Area Housing Market Was Firing on All Cylinders in June

• July 14, 2020

by UrbanTurf Staff

In March, when the effects of the pandemic were starting to be realized and the public health emergency went into effect, the outlook for the DC-area housing market was uncertain. Four months later, the market is looking quite strong. 

From record pending sales to record home prices, metrics show a market firing on all cylinders in June.

"The D.C. Metro real estate market continued its resurgence this month," the latest report out Tuesday from Bright MLS stated. "With the area unemployment rate under the national average and interest rates at record lows, new pending home sales had their best June in a decade. Limited inventory and strong buyer demand kept median prices high, as the region saw a new ten-year best for single-family and townhome median sale prices."

Home prices in the DC area reached their second highest level on record in June, with a median of $505,000. Fairfax, Alexandria and Prince George's counties all reported the highest median home price in a decade. For the year, home prices are up in almost every local jurisdiction compared to 2019. 

As has been the case of late, high home prices did not deter buyers. June was the best month in a decade for pending home sales in the region, and the second best month on record for DC proper. The gains for pending sales were the first in three months, an indication that buyer demand is back, if not exceeding, where it was pre-COVID. 

While the DC region is still supply starved -- with just a 1.32-month supply of homes on the market -- there are signs that sellers are getting off the sidelines. The number of new listings in the region dipped again in June by 4.6%, year-over-year, but it was a significant improvement from the losses in April (-37.4%) and May (-33.2%). 

This article originally published at http://dc.urbanturf.com/articles/blog/the-dc-area-housing-market-was-firing-on-all-cylinders-in-june/17061