July 2019 Home Sales and Median Prices
The following analysis of the Washington, D.C. Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on April 2019 Bright MLS housing data.
- Median sales prices in the Washington D.C. Metro area set a new monthly record, up 3.3% to $470,000. This was the 34th consecutive month of year-over-year price appreciation.
- Sales volume across the DC Metro area also showed year-over-year gains, up 4.4% to just over $3 billion.
- Compared to last year, closed sales of 5,282 were up 1.1% and were at the highest July level of the decade.
- New pending sales also rose, by 3.2% to 5,452, a nice bounce back after two consecutive months of declines.
- New listings of properties declined by 5.2% to 6,054.
- Overall inventory levels slid by 17.9% to just 7,901 active listings, a ten-year July low.
- The average percent of original list price received at sale was 99.1%, up from last July’s 98.6%.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
About Elliot Eisenberg
Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis. He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C. He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.