If you thought the DC-area housing market in March was hot, in April it was scorching.
A report out today from Bright MLS analyzing the regional housing market finds that the median home price in the region hit a new record high ($550,000) in April.
Record prices did little to deter homebuyers, though. More than 5,900 sales closed in April, the highest level ever for the month and just behind the all-time record for monthly closed sales (6,142) in the region, set in June 2017.
"Buyers remain resourceful in the face of very difficult buying conditions," Bright MLS economist Elliott Eisenberg told UrbanTurf. "Bidding over the asking price, waiving contingencies, they are willing to do what it takes to get the deal done."
New listings came online at the highest level for April since 2016, which would, in theory, alleviate a severe shortage of homes for sale. But buyer demand offset any inventory gains. Homes were selling, on average, in less than a week in April and the sales price to original list price ratio rose above 100% for the entire area for the first time. The speed with which homes sold, coupled with demand, resulted in just a one-month supply of homes for sale.
"There is no question that new listings help with a supply shortage," Eisenberg said. "But it isn't altering the situation for buyers. At this point, we need a number of other things to happen in order for the current climate of the market to change."
Chart above courtesy of Bright MLS.
This article originally published at https://dc.urbanturf.com/articles/blog/when-dc-area-home-prices-hit-a-record-in-april-buyers-shrugged/18250.
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