July is usually one of the slowest months of the year for the housing market. That was not the case in 2020.
Spurred by record low interest rates, last month may have been one of the strongest months for the DC-area market on record. Home sales were extraordinarily robust, despite prices setting records in several local jurisdictions.
The median home price in the area rose 13% compared to last July, setting a record high for the region at $530,000. Median townhome prices in DC proper rose above $800,000 for the first time and prices for every property type in Montgomery County reached the highest level in a decade. Home prices rose by at least 7% in all local cities and counties, with Alexandria leading the way with prices jumping 29%.
As has been the trend in recent months, rising prices didn't dampen buyer demand. The month of July usually sees a notable drop-off in home sales compared to June. This year, the exact opposite happened: sales rose 17% month-to-month.
In DC, sales increased 20% with attached home closings up 25% year-over-year. Closed sales could be even higher next month: Pending sales in the District set a record in July and had their second best month in ten years.
"The July real estate market in the D.C. area was red-hot, making up for lost time from this spring's slowdown," Chris Finnegan of Bright MLS said. "The seasonal peaks we usually see with the spring market are happening now."
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/was-july-the-hottest-month-in-2020-for-the-dc-housing-market/17172.
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