For the first time in a year, the inventory of homes on the market in DC rose above a two-monthly supply in September. In addition to increasing inventory, buyer demand may be dropping off ever so slightly. For virtually all of 2016, there has, on average, been more than one pending contract per active listing in the city. That ratio fell to 0.75 last month.
The September jump in housing supply may not be indicative of an upward trend. Last year, the supply rose well above two months in September, and buyer demand similarly dropped off. However, the jump in inventory was short-lived as supply dipped back down below two months for the next eleven months.
Here is one more thing to chew on: The benchmark of a balanced housing market is usually a six-month supply of homes on the market. The inventory of active listings for sale in the District has been below the six-month level since July 2009.
This article originally published at https://dc.urbanturf.com/articles/blog/why_dcs_autumn_housing_supply_bump_may_be_a_mirage/11828.
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