The reset of the DC region's housing market was on full display in July.
Closed and pending home sales in the area fell significantly last month, according to the latest monthly report from Bright MLS, as home prices rose slowly and the supply of homes for sale increased.
Pending sales dropped by double-digit percentage points in July in almost every local jurisdiction, with Loudoun County (-40%), Prince George's County (-27%), and Montgomery County (-26%) leading the way. In DC proper, sales were down 19%.
July provided the clearest evidence yet that the supply shortage may be easing. The drop in pending sales led to the first year-over-year inventory increase in the region since early 2019, with 15.6% more listings on the market at the end of July than there were a year ago.
“The slowdown that began three months ago in the Mid Atlantic is firmly here, with every leading housing indicator slowing,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “It’s not a buyers’ market at this point. However, home shoppers certainly have more leverage throughout the region, as months of supply continues to inch toward balanced levels.”
This article originally published at https://dc.urbanturf.com/articles/blog/the-reset-continued-in-the-dc-area-housing-market-in-july/19949.
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