People seemed more interested in taking summer vacations in August than buying homes. The Washington DC metro area posted a lackluster August as compared to the same time last year. In fact, the number of sales decreased 9.3%, with 4,189 homes sold.
According to RealEstate Business Intelligence (RBI, Inc.), every jurisdiction in the region had declines in closed sales as compared to last year, which is the second time in 2014 for every jurisdiction to do so. The largest decreases occurred in Fairfax City (-26.3%), Falls Church City (-25.0%), and Arlington County (-19.9%).
The RBI Housing Trend Metrics for the region also noted:
- The number of new pending contracts declined 6% from last August.
- While closed sales and pending sales are down they are still above 2010-2012 levels.
- Home inventory continues to remain low across the region; 43% off their peak level.
- The condo market saw the steepest decline, with sales decreased nearly 14%.
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Categories: Market stats