The five weeks that the federal government was shutdown were quite taxing to the local economy, and the January numbers for the regional housing market aren't much better.
While closed home sales dropped year-over-year in the region for the sixth month in a row, the drop was not as pronounced as expected given that a large portion of the workforce wasn't working last month. Closed sales fell by 7.7 percent in the region and 6.2 percent in DC proper. However, the number of homes that went under contract last month reveals a home-buying public that pressed pause. Pending sales fell by 10 percent in DC proper, 15 percent in Alexandria and almost 24 percent in Arlington County.
As has been the case in recent months, the drop in sales also may be related to home prices which remained quite high in January. According to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS, January was the 28th consecutive month where the median home price in the region increased year-over-year, rising by 5 percent to $420,000. Prices in DC proper saw a heftier increase, rising by 6.5 percent year-over-year to hit $537,500.
Regionwide, there were 4.9 percent more new listings on the market compared to January 2018, contributing to a 2.7 percent increase in active inventory over the same period. For DC proper, there were 7.8 percent more new listings and an impressive 23.7 percent increase in overall active inventory.
February's housing data may be more indicative of the shutdown's impacts — particularly because the government may be poised to shutdown again on Friday.
This article originally published at https://dc.urbanturf.com/articles/blog/the-shutdown-effect-dc-area-home-sales-fall-off-in-january/14997.
Most Popular... This Week • Last 30 Days • Ever
The Collection at R Street is a rare residential enclave of 21 elegant condominiums a... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
The new images provide a better sense of the big residential plans in the works for t... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
More employers are demanding that employees come back to the office; children on the ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
As home buyers get the itch to look for a home and start to venture out to open house... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The concept includes 14 lanes for bowling, a 1,200 person concert venue, a craft bar ... 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 »
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