Washington-area home prices hit record high

WASHINGTON — The median price of a house or condo that sold throughout the Washington metro area in May was $460,000, up 7 percent compared to May of 2016 and an all-time high for any month on record.

Contract signings and new listings coming on the market also picked up, although inventory remains below year-ago levels, according to Market Stats by Showing Time, based on monthly housing data from listing service Bright MLS.

By jurisdiction, Virginia’s Falls Church City had the highest median selling price in May, at $829,010. The median price in Arlington County, Virginia, was $615,000 and the median price in the District was $599,000, all higher than year ago median prices.

Fairfax County, Virginia’s median selling price rose to $524,000. The median selling price in Alexandria fell to $474,900.

Median prices in Maryland’s Montgomery County and Prince George’s County both rose, to $446,500 and $275,000, respectively.

Pending sales, or contracts signed to buy a property across the Washington metro, were up 4.4 percent from a year ago and up 9.4 percent from April.

The number of pending sales in May increased by more than 73 percent from the May 2010 low.

New listings across the region were up 8.7 percent from May of last year, and up 5.5 percent from the number of new listings that came on the market in April.

Overall active listings were up 3.3 percent from April, but 10.9 percent below active listings in May 2016, and inventories remain below both the 5-year and 10-year averages.

Sellers continue to get what they’re asking, and properties continue to sell fast, with the average selling price to list price ratio of 98.7 percent, and the median days-on-market of 10 days, down from 13 days last year, according to Bright MLS data.

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