DataMarkets & Economy

Slow July for DC real estate, says MRIS

MRIS July Housing Market report for Baltimore and DC Metro shows a slow July despite slowly climbing prices
  • Sales volume in the D.C. metro fell 4.6 percent annually in July and 18.6 percent monthly.
  • New listings in July fell 8.6 percent annually in the D.C. metro and 17 percent over the previous month, which was more dramatic than the annual 2.4 percent dip Baltimore saw.
  • Sales volume and median sales price in Baltimore grew in July as inventory fell.

As the amount of available homes decrease throughout the Washington D.C. metro area, the rest of market is seeing an impact. According to the MRIS July Housing Market Updates for the DC Metro and Baltimore, inventory in both metros are falling and pushing prices up. The lack of inventory, though, is putting a damper on the number and volume of sales. In the month of July, the median sales price in D.C. increased 0.6 percent annually and fell 2.5 percent over the previous month. The median sales price of $435,000 dipped $11,000 over the price reported in June. Home sales are also dipping in the D.C. Metro, the report says, with 5,045 home sales in the month -- down 3.4 percent since July 2015. The sales volume in D.C. fell to just above $2.6 billion, representing a significant monthly and annual change. The total dollars dipped 4.6 percent from last July and 18.6 percent from the previous month, suggesting that the heat of the summer season is coming to a close. New contracts ...