WASHINGTON — Residential prices rose just modestly in June in the District, but the median selling price set a record and sales were the highest in almost 11 years.
The Greater Capital Area Association of Realtors said the median price was $560,000 last month, the highest June level on record. The median price was up 1.8 percent from June of last year.
The median price of a sale in the District set an all-time high in May, at $570,000.
GCAAR said 907 residential sales closed in the District in June, up 5.1 percent from a year ago. It was the highest monthly sales total since August 2005.
There is still a tight supply of listings for potential buyers in the District.
New listing activity did rise 2.7 percent from a year ago, but CGAAR says based on the average sales pace in the last year, active listings represent only 1.9 months of supply, which continues to put sellers in the District in an advantageous position.
What is on the market in D.C. is selling briskly. Half of the homes sold in June were on the market for just nine days or less. Competition among buyers kept the average selling price at 99.1 percent of list price.
At the end of June, there were 1,288 active listings in the District, and despite the continued tight market, inventories have increased compared to the previous year for nine consecutive months.
Below is a snapshot from GCAAR of June’s monthly prices, closed and pending sales in the past 12 months in the District.
