Industry News

Home sales tumble in D.C.

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Home sales in the Washington, D.C., metropolitan area dropped significantly between June 2005 and June 2006, while prices maintained modest growth, according to statistics released Friday by Metropolitan Regional Information Systems Inc. In Washington, D.C., home sales dropped 21.2 percent in June from a year ago, falling from 970 to 764. The median home price -- at which half of the homes sold for more and half sold for less -- was $430,000, up 3.6 percent from $415,000 posted in June 2005. In Prince George's County, Md., sales fell 21.5 percent year-over-year last month, declining from 1,578 to 1,239. The median home price jumped 12.5 percent, rising from $300,000 to $337,500. Sales in Montgomery County, Md., plummeted 31 percent, falling from 2,040 to 1,406. The area's median home price totaled $467,000, up 6.1 percent from $440,000 a year earlier. In Alexandria, Va., sales dropped to 232 last month from 348, which marks a 33.3 percent annual decrease. The median home price grew to...