Industry News

Home sales cool further in D.C.

Rising inventory impacts prices

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Home sales in the Washington, D.C., metropolitan area dropped considerably between September 2005 and September 2006, while prices in some counties tumbled, according to statistics released by Metropolitan Regional Information Systems Inc. In Washington, D.C., home sales declined 15 percent in September from a year ago, falling from 738 to 627. The median home price -- at which half of the homes sold for more and half sold for less -- was $455,000, up 8.6 percent from $419,000 posted in September 2005. In Prince George's County, Md., sales fell 28.8 percent year-over-year in September, declining from 1,382 to 984. The median home price grew 6.5 percent, rising from $310,000 to $330,000. Sales in Montgomery County, Md., plummeted 29.6 percent, falling from 1,415 to 996. The area's median home price came in at $435,000, up 1.4 percent from $429,000 a year earlier. According to MRIS, rising inventory is not only hurting sales but is sending median prices in some areas down considerably f...