DC Home Prices Increase 10.4% in July As Sales Rise

• August 12th 2013

by UrbanTurf Staff

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DC area home prices rose 10.4 percent in July, as sales accelerated in what is typically a slow season for real estate.

A report released by RealEstate Business Intelligence (RBI) on Monday revealed that the median home price for the area rose from $385,050 in July 2012 to $425,000 in July 2013. Prices rose by double digit percentages (year-over-year) in five of the eight jurisdictions covered, with Prince George’s County leading the way with a 19.5 percent increase. In DC proper, prices rose 13.7 percent, from $457,500 to $520,000.

While inventory continues to creep back, with new listings increasing in July for the fourth consecutive month, buyers remain active even as we enter into the slowest summer months. Home sales in the DC area last month were almost 19 percent higher than July 2012.

From the RBI report:

Single-family detached homes and townhomes had the strongest sales growth of the property segments, each rising 19.6 percent from this time last year. This is the largest year-over-year growth rate for sales of single-family detached homes in over a year. Condo sales increased 17 percent from last July, which is the sixth consecutive month of double-digit growth for this segment.

Here are a few other interesting statistics from the report:

• The median days-on-market for homes in the area hit 12 days last month, the lowest July-level since the peak of the housing boom in 2005.
• The average sales-to-original-list-price ratio dipped a bit in July to 98.5 percent from 99.1 percent in June, but remains well above the five-year average of 95.5 percent.

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.

Photo in thumbnail for sale at 3435 Roberts Lane, Arlington, VA.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_area_home_prices_rise_10.4_as_sales_accelerate/7444.