The DC-Area Housing Market Felt the Full Effect of High Interest Rates in November
As interest rates headed north in November, home sales in the DC region went in the opposite direction.
The latest report from Bright MLS on the regional housing market finds that there were 3,671 home sales in November, a 42% drop compared to a year ago. It is the lowest sales volume for the month of November in a decade.
story continues below
loading...story continues above
"In November, the number of new pending sales was down by more than 40% compared to last year," the report stated. "The biggest year-over-year declines were in Falls Church City, VA (-61.5%) and Arlington County, VA (-50.7%)."
The drop in home sales activity can largely be attributed to mortgage rates rising above 7%, but a lack of new listings hitting the market is also to blame.
"A bigger factor is a lack of inventory which remains significantly below normal levels and affordability challenges that continue to price some buyers out of the market," the report stated.
Home sellers are adjusting their prices in reaction to the current climate of the market. While the median home price in the area was up slightly in November, prices were down year-over-year in DC proper, Arlington and Alexandria.
See other articles related to: dc area housing market, dc home prices, dc housing market
This article originally published at https://dc.urbanturf.com/articles/blog/the_dc-area_housing_market_in_november_felt_the_full_effect_of_high_interes/20404.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro