DC-area housing prices highest in a decade

WASHINGTON — The median price of homes that sold in the Washington metro in May reached the highest level in a decade, and despite continued low inventory, sales also were the highest for a May in 10 years.

Listing service Bright MLS says prices are rising slowly, up 1.1 percent from last May, but the median price of $465,000 still hit a 10-year high.

Sales volume across the D.C. metro area was more than $3.2 billion, up 4.8 percent from last year, and closed sales of 5,720 were up 1.8 percent fro last May, the highest May level in a decade, though new contracts signed to buy were down 2.7 percent.

Active listings, or homes on the market for sale, were down 4.8 percent, marking the 25th consecutive month of declines in year-over-year inventory levels.

One bright spot for potential buyers is that the number of new listings coming onto the market last month was up 3 percent and new listings also reached a decade high.

Sellers in May received, on average, 99 percent of asking price and home sold in an average of just 9 days.

Below is a chart of sales by Washington metro jurisdiction, courtesy Bright MLS:

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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.

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