Pending contracts and sales growth continues to hit double-digit percent gains; Prices remain near record highs
Rockville, MD – (August 10, 2015) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on July 2015 MRIS housing data.
OVERVIEW
The Washington, D.C. Metro housing market enjoyed another strong month in July, with both closed and pending sales at their highest July levels in a decade. Median sales prices continue to rise very slowly, and median days-on-market remain very low. Closed sales of 5,225 represents a 15.1% increase from July 2014, although they are down 7.6% from June 2015. New contracts increased by 9.4% from July 2014 to 5,221, although they did drop 9.3% compared to last month. All market segments experienced year-over-year increases in both closed sales and new contracts. The year-over-year overall median sales prices rose 1.1% to $432,500, which nearly matches the previous July high of $435,000 seen in 2007. The median sales price for single-family detached rose 2.8% to $550,000, while townhome prices dropped 1.9% to $410,000 and condos decreased 3.3% to $290,000.
