Industry News

More real estate cooling hits D.C.

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Home sales and prices in the Washington, D.C., area continued to cool in November, and sellers took note, with fewer owners choosing to list their homes for sale, according to statistics released by Metropolitan Regional Information Systems Inc. Sales in Washington, D.C., last month declined 17 percent from a year ago, falling from 672 to 558, and the city's median home price -- at which half of the homes sold for more and half sold for less -- sank 6.8 percent during the period to $410,000. There were just 798 new listings added to the District of Columbia market last month, down considerably from 1,195 new listings in October. "We are definitely seeing healthier inventory levels," said John McClain, senior fellow at the Center for Regional Analysis, George Mason University, in a statement. "Available inventory for the Greater Washington, D.C., metro region is 70 percent of the way back to normal, compared to the all-time highs set in January through March of 2006." New listings decl...