August was hot for DC housing

WASHINGTON — If the D.C. region’s housing market has slowed, somebody forgot to tell August.

Listing service MRIS said sales volume in August was more than $2.6 billion, up 16.1 percent from last August. The number of closed sales was up 12.7 percent compared to last year, making for the highest August level since 2006.

And the number of contracts signed to buy a house or a condo in the D.C. region was up 4.1 percent, the best August for pending sales since 2005.

Inventory is still a problem.

MRIS says new listings were down 5.1 percent from a year earlier, and the number of new properties coming on the market in August fell 11.6 percent from July.

The number of active listings on the market is down 16.4 percent from August 2015.

The median price of a house or a condo that sold in the D.C. market in August was $420,750, 2.4 percent more than a year ago, but down 3.3 percent from July’s median selling price.

The biggest year-over-year gain in prices was in the District itself, with a median price in August of $575,250, up 10.6 percent from a year ago.

Below is a 10-year snapshot of the D.C. market’s sales and prices from MRIS:

A 10-year snapshot of the Washington market's sales and prices. (Courtesy MRIS)
A 10-year snapshot of the Washington market’s sales and prices. (Courtesy MRIS)
Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

Federal News Network Logo
Log in to your WTOP account for notifications and alerts customized for you.

Sign up