DC Area Home Sales Fell 13% Following Shutdown
✉️ Want to forward this article? Click here.
The effects of the government shutdown were significant, but likely temporary, for the DC area housing market.
Following seven consecutive months of double-digit annual gains, the number of closed sales in the area dropped 13.7 percent last month versus November 2012, according to a report released Tuesday by RealEstate Business Intelligence. Sales also fell 21.2 percent between October and November, about five times the ten-year average decline.
However, even though sales dropped off, contract activity appeared to pick right back up after the shutdown ended.
“The impact of the shutdown appears to have created only a temporary pause in sales growth, as new contract activity resumed positive trends in November,” said Jonathan Hill, President of RealEstate Business Intelligence. “There were 3,854 new contracts signed in November, the highest November total in seven years.”
In addition to contracts, two other housing metrics also increased in November: prices and inventory.
Despite the stall in sales, the median sales price for the region rose 8.1 percent compared to November 2012. In DC proper, prices rose 11.1 percent; the only jurisdiction in the region where prices fell was Arlington County.
Also, after a seemingly endless inventory drought, the housing supply looks to be increasing. Active listings in the region were up (5.7 percent) for the second consecutive month in November; townhouse listings rose 16.8 percent, and condo/co-op listings rose 14.5 percent.
See other articles related to: dc housing inventory, dc housing prices, dclofts, realestate business intelligence
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_shutdown_effect_on_dcs_housing_market/7911.
Most Popular... This Week • Last 30 Days • Ever
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 »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
This week’s Best New Listings includes a bi-level condo north of Adams Morgan's mai... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Best New Listings: Windows Galore on Biltmore; One Up, One Down on Swann
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