While the supply of homes for sale and the number of new listings coming online were the main factors affecting the DC-area housing market last month, other metrics help paint a picture of what is happening around the region. For example, the number of homes that went under contract (down just 10% compared to last summer) and the time that homes are spending on the market show that buyers are still competing heavily for available homes. That competition is also being seen in price gains: the median home price in the region saw its largest jump in more than a year.
Below we plucked out some of the more telling statistics from last month's market.
- $590,000 -- The median price for a home in the DC area in July, a 5% increase compared to July 2022.
- 4,881 -- The number of new listings to come online in July, down 34% compared to last July.
- 4,630 -- The number of pending sales in July, a 10% drop compared to last summer.
- 1.33 -- The months of supply of homes on the market.
- 7 -- The median number of days that homes spent on the market in July in the region.
This article originally published at https://dc.urbanturf.com/articles/blog/the_5_most_important_stats_from_the_july_housing_market/21363.
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