Despite shrinking inventory, a record number of homes were sold in the DC metro area last month. Even after dipping slightly from May’s record setting figure, home prices still hit their second highest level on record in June, according to a new report by MRIS released earlier this week.
Home prices averaged $455,000, up 2 percent from last year — the second-highest level of the last 20 years.
Some 6,142 homes were sold in the DC metro area in June, the highest monthly total of the last decade and up 3.4 percent from last year. June’s sales total was also up 9.3 percent from May.
But while more homes were sold, homebuyers had less to choose from. There were 10,481 active listings in June, a drop of 7.3 percent year-over-year and 6.2 percent from the previous month. Inventory declined annually for the 14th consecutive month in June.
There were 7,802 new listings in June, up 4 percent from last year — the highest June level of the decade. However, it was 3.5 percent below the level recorded in May.
Homes sold faster in June compared to last year. The average days-on-market was 12 days in June, two days fewer than last year at this time. Sellers received 98.5 percent of the original listing price
Sales volume for the DC metro area totaled over $3.4 billion in June, nearly 6 percent above last year at this time but only slightly above the $3.1 billion recorded in May.
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