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September Surge? Home Sales Pick Up In DC Area, But It May Not Last

  • October 10th 2024

by UrbanTurf Staff

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A Cleveland Park home that went under contract in September.

Maybe it was falling interest rates or perhaps more homes hitting the market, but buyers in the DC region got off the sidelines last month. 

The latest report from Bright MLS out today finds that while closed home sales last month were on par with September 2023, the number of pending home sales (homes to go under contract) rose nearly 16% year-over-year. 

The increase in pending sales comes as buyer have more to choose from. Inventory has now increased for eight months in a row, with the supply of homes for sale 19% higher than a year ago.

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Courtesy of Bright MLS. Click to enlarge.

The increase in sales should be taken with a grain of salt. The sales pace in September last year was very slow, so a large increase was to be expected. And interest rates have already started heading back up in October, which will dampen sales. 

As far as hurdles facing buyers, home prices remain stubbornly high. The median home price increased nearly 9% compared to last year, coming in just below $600,000. 

"The biggest constraint in the Washington DC metro area is high prices," the report stated. "Affordability challenges will keep some buyers out of the market, particularly first-time homebuyers. However, more inventory will bring more options and should ease price growth."

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/september_surge_home_sales_pick_up_in_dc_area/22806.

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