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 $459,900, up 3.8 percent from $443,000 in June 2005.
Sales in Fairfax County, Va., sank to 1,680 in June, down 38.6 percent from 2,737 a year ago. The median home price actually dipped 0.1 percent during the period, from $500,500 to $500,000.
According to MRIS, rising inventory is increasing days on the market in several areas.
Market analysts credit the thriving job market in the nation’s capital and surrounding suburbs with providing a softer landing for its housing sector than that experienced by most regions nationwide, according to a press statement.
Rockville, Md.-based Metropolitan Regional Information Systems Inc. serves more than 59,000 real estate professionals in Maryland; Washington, D.C.; Northern Virginia; and parts of West Virginia and Pennsylvania.
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