The volume of home sales and new pending contracts were lower last month in the Washington DC region as compared to July 2013, according to RealEstate Business Intelligence (RBI). While home sales are slightly off, closed sales and new pending contracts this year overall are higher than 2010, 2011 and 2012.
The slowing sales are a bonus to buyers because it means inventory is getting back to healthier levels. According to RBI, Active listings in the Washington, DC metro area increased 33.5% from last July to 11,119 listings. Active listings have now increased from the prior year for ten months in a row and have reached their highest level of any month in nearly three years.
- The median home sales price for the region is $428,000, a 0.7% increase from last year and the highest July-level for the region since 2007.
- The median days-on-market metric increased year-over-year by five days to 17, still well below the 10-year July average of 29 days.
If you or someone you know would like to buy or sell a home, please give me a call at 703-963-0142. I’d love the opportunity to earn your business or your referral.
Have a great holiday weekend!
Categories: Market stats