Despite falling slightly from the previous record-setting month, DC metro area home prices still managed to reach their highest July level of the last 10 years as inventory continued to shrink, according to a report released yesterday by MRIS.
The median home price in the DC metro area rose 1.1 percent from last year to $439,000 in July, but was down 3.3 percent from the previous month — which, at $455,000, was the second highest on record.
Some 5,116 homes were sold across the DC metro area in July, up 2.2 percent from last year but down 16 percent from the previous month. June sales were the highest total for any month in the last decade, according to MRIS.
Over the last month, sales volume fell from $3.4 billion to over $2.8 billion in July, but was up nearly 7 percent compared to last year.
There were 10,272 active listings in July, 6.1 percent fewer than last year, making it the 15th consecutive month of declines in annual inventory levels in the DC metro area. Inventory was also down 2 percent from the previous month in July.
Some 6,282 new listings hit the market in July, up 0.9 percent from last year.
At a median of 14 days on the market, homes sold faster than July 2016 when the average number of days on the market was 17.
Sellers received on average 98.3 percent of the original listing price in July, slightly down from 98.5 percent the previous month.
Click here to read the entire report.