What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
DC Area Home Prices Reach Highest May Level Since 2005
✉️ Want to forward this article? Click here.
A DC home that sold in May.
DC-area home prices rose to their highest level in a decade for the month of May as the region’s housing market stayed hot.
The median sales price for the region rose to $435,000, up 1.2 percent over last year, according to a report released by the real estate data firm RealEstate Business Intelligence (RBI). It was also the highest monthly median sales price for any month since June 2013.
Falls Church reported a year-over-year median sales price decline of 8.3 percent, despite jumping dramatically in April, when prices there were up 36.2 percent over April 2014. At the other end of the spectrum, Fairfax City showed the biggest jump in its median sales price, which rose 22.5 percent over last year. In DC proper, the median sales price rose to $560,000, up 5.7 percent from last May.
story continues below
loading...story continues above
Echoing the market’s strong performance over the past few months, nearly every indicator showed growth. Like prices, new contracts rose to their highest May level in a decade, up 8.4 percent from May 2014. Closed sales were up 6.2 percent, or 285 sales, from last year. It’s the sixth consecutive month of year-over-year increases in closed sales, and the third consecutive month in which all market segments have shown an increase in closed sales year-over-year. There have been 18,459 closed sales in the area this year, up 11 percent from the same period last year.
The only slow point in the report was the amount of time homes are spending on the market, which went up slightly. It’s now 12 days, up one day from last May.
The region’s strong price growth wasn’t deterred by rising inventory and the increasing number of active listings. There were 12,083 active listings at the end of May, a 15.8 percent increase from last year. May inventories were at the second-highest level in 42 months and new listings were at the second-highest level in five years. Condo inventories showed the biggest growth of any home type, jumping 21 percent year-over-year.
See other articles related to: home prices, home sales, rbi
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_metro_home_prices_reach_highest_may_level_in_decade/9985.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro