Home sales dropped, prices moderated and buyers were given more room to negotiate. Those were the main takeaways of the August housing market in the DC region and could be a sign of what's to come in the months ahead.
Home sales in the area fell 25% year-over-year last month, according to the latest monthly report from Bright MLS, as prices rose slowly and the number of new listings in the region fell 26% compared to last year, the sixth consecutive month of declines for new listings.
As home sales fall, buyers are getting more time to make a decision. The median days on market was 12 in August, which is a 4-day increase from a year ago, and the largest year-over-year increase in this metric since December 2021.
"As we head into the fall market, buyers should expect to find more options and will potentially have more leverage on price, as sellers are readjusting their expectations," Bright MLS economist Lisa Sturtevant said. "Buyers will also find they have more time to make decisions, and will be in the position of asking for home inspections and appraisals, concessions that were virtually unheard of last year, and are signs of balance inching back into the overall market.”
This article originally published at https://dc.urbanturf.com/articles/blog/what-an-august-report-might-signal-about-the-fall-housing-market-in-the-dc-/20062.
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