What's Hot: 702,000: DC Sees Population Rise Again In 2024
The DC Area Continues To Move Towards A Buyers Market
✉️ Want to forward this article? Click here.
Back in July, we wondered if the housing market in the DC region was moving in favor of homebuyers. New data shows that is likely happening.
The latest report from Bright MLS found that there were 4,351 home sales across the DC area in August, a 5% drop compared to last year and the lowest August sales level in 16 years. Two reasons are likely to blame for that -- median home prices rose 4.6% in August to remain above $600,000, and interest rates, while dropping, are still too high to entice buyers to get back into the market.
story continues below
loading...story continues above
“Mortgage rates have been coming down since early July but the slight decline in rates has not had an impact on affordability in the region,” said Bright Chief Economist Lisa Sturtevant. “Rates will fall further in the coming months and prices will decline seasonally, which should bring more buyers into the market. Buyers will have more leverage as inventory continues to increase this fall.”
The supply of homes for sale is another metric that is moving in favor of buyers. Inventory in the region has now risen for seven months in a row, and active listings for sale were up 25% at the end of last month, likely the result of slow sales activity.
With the prospect of the Fed cutting rates later this month, mortgage rates will likely drop further and we will monitor whether or not that brings buyers back into the market.
See other articles related to: dc area home prices, dc area housing market, dc housing market, dc housing market trends
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_dc-area_continues_to_move_towards_a_buyers_market/22699.
Most Popular... This Week • Last 30 Days • Ever
The federal government could be shut down by the end of today, and that shutdown coul... read »
The 16,250 square-foot home along Foxhall Road NW owned by Fox News anchor Bret Baier... read »
Right on the heels of a $29 million home along Foxhall Road going under contract to T... read »
New data shows that DC continues to make up for population losses experienced during ... read »
Built almost a century ago, the five-bedroom estate will hit the market in Chevy Chas... read »
- How a Government Shutdown Could Affect Home Loans
- At $25 Million, This Is The Most Expensive Home Ever Sold In DC
- The Trump Effect Continues: $10 Million Georgetown Condo Goes Under Contract
- 702,000: DC Sees Population Rise Again In 2024
- The Most Expensive Home In Chevy Chase Will Hit The Market For Just South Of $10 Million
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