{"id":228444,"date":"2024-04-08T12:44:40","date_gmt":"2024-04-08T16:44:40","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=228444"},"modified":"2024-04-12T11:13:55","modified_gmt":"2024-04-12T15:13:55","slug":"market-snapshot-washington-d-c-adjusts-to-rates-with-steady-new-home-sales","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/market-snapshot-washington-d-c-adjusts-to-rates-with-steady-new-home-sales","title":{"rendered":"Market snapshot: Washington, D.C., adjusts to rates with steady new-home sales"},"content":{"rendered":"

<\/h4>\n

The recent spike in mortgage rates has had a more muted effect on Washington<\/a> D.C.’s new-home sales than when they started their climb from record lows in 2022.<\/p>\n\n\n\n

Despite rates shooting past 7%, the average new-home sales rate has been higher than a year ago, suggesting home buyers have adjusted to the new normal and are budgeting a larger portion of their income to housing.<\/p>\n\n\n

\n
\"Washington<\/a>
Adobe Stock<\/figcaption><\/figure><\/div>\n\n\n

Housing costs as a percent of income have climbed 48%. As total new-home inventory fell to its lowest level in recent history, builders are holding starts steady; however, initial permit issuances for 2024 indicate a drop in activity compared with a year ago.<\/p>\n\n\n\n

Strengths<\/h3>\n\n\n\n

Approximately 2.5 million square feet of downtown office space has been tagged for residential use. The Housing in Downtown Abatement Program will work to convert more offices into housing in a bid to deal with high office vacancy rates.<\/p>\n\n\n\n

Weaknesses<\/h3>\n\n\n\n

High housing prices and the flexibility of remote work are pushing residents farther out of the metro area, and Richmond<\/a>, Virginia, has benefited from this trend. There has been a sharp increase in migrations along with a corresponding rise in train ridership.<\/p>\n\n\n\n

Supply<\/h3>\n\n\n\n

Quarterly housing starts decreased 6.9% from a year ago, while the number of available vacant developed lots sits at 10,528, down 7.6% from the same quarter last year. In terms of supply\/demand balance, the market area is 3.91% oversupplied.<\/p>\n\n\n\n

Prices<\/h3>\n\n\n\n

The average list price for a new detached home in the Washington-Arlington-Alexandria region increased 0.6% from 2023 to $775,550 in March, while the average list price for a new attached home increased 7% over the same period to $615,246. Homes priced under $350,000 experienced the most closing activity over the past year. The new-home affordability ratio for a detached home reached 31.6% in January.<\/p>\n\n\n\n

Economy<\/h3>\n\n\n\n

Total nonfarm employment in the metropolitan statistical area increased 1.4% from the same period last year to 3,379,400 payrolls in December. The local unemployment rate increased to 2.7% in December compared with 2.5% the previous month.<\/p>\n\n\n\n

Community<\/h3>\n\n\n\n

The current population for the Washington-Arlington-Alexandria metropolitan area is approximately 6,491,010 people and is projected to increase by 0.7% this year. There are approximately 2,452,910 households in the region, which is up 1.1% year over year. Forecasts show that household formation is expected to increase by an annual growth rate of 2.3% for 2028. Incomes increased by 4.2% from the previous year to $137,062.<\/p>\n\n\n\n

This story appeared on Builder Online<\/a><\/em><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

The recent spike in mortgage rates has had a more muted effect on\u00a0Washington\u00a0D.C.’s new-home sales than when they started their climb from record lows in 2022.<\/p>\n

Despite rates shooting past 7%, the average new-home sales rate has been higher than a year ago, suggesting home buyers have adjusted to the new normal and are budgeting a larger portion of their income to housing.<\/p>\n","protected":false},"author":49,"featured_media":228445,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2024-04-11T17:13:21Z","apple_news_api_id":"772ad096-c77b-4db9-b533-57f53d1b9d4c","apple_news_api_modified_at":"2024-04-11T17:13:22Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AdyrQlsd7Tbm1M1f1PRudTA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11199,11002,11322],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\nMarket snapshot: Washington, D.C., adjusts to rates with steady new-home sales | Livabl<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.livabl.com\/articles\/news\/market-snapshot-washington-d-c-adjusts-to-rates-with-steady-new-home-sales\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market snapshot: Washington, D.C., adjusts to rates with steady new-home sales | Livabl\" \/>\n<meta property=\"og:description\" content=\"The recent spike in mortgage rates has had a more muted effect on\u00a0Washington\u00a0D.C.'s new-home sales than when they started their climb from record lows in 2022. 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