The Reset Continued in the DC-Area Housing Market in July
✉️ Want to forward this article? Click here.
The reset of the DC region's housing market was on full display in July.
Closed and pending home sales in the area fell significantly last month, according to the latest monthly report from Bright MLS, as home prices rose slowly and the supply of homes for sale increased.
Pending sales dropped by double-digit percentage points in July in almost every local jurisdiction, with Loudoun County (-40%), Prince George's County (-27%), and Montgomery County (-26%) leading the way. In DC proper, sales were down 19%.
story continues below
loading...story continues above
July provided the clearest evidence yet that the supply shortage may be easing. The drop in pending sales led to the first year-over-year inventory increase in the region since early 2019, with 15.6% more listings on the market at the end of July than there were a year ago.
“The slowdown that began three months ago in the Mid Atlantic is firmly here, with every leading housing indicator slowing,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “It’s not a buyers’ market at this point. However, home shoppers certainly have more leverage throughout the region, as months of supply continues to inch toward balanced levels.”
See other articles related to: dc area home prices, dc area housing market, dc area market trends, dc housing market, dc housing market trends
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the-reset-continued-in-the-dc-area-housing-market-in-july/19949.
Most Popular... This Week • Last 30 Days • Ever
This week’s Best New Listings includes two homes that are classic examples of listi... read »
This article discusses the variety of rental restrictions that may exist in condomini... read »
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
The new project is just the latest affordable development to move forward in DC.... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
- Best New Listings: Classic In Takoma Park; Charming In AU Park
- Understanding Rental Restrictions in Condominiums
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
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