Potential homebuyers in the D.C. area continue struggling to find what they like and can afford, and as a result, sales continue to fall.
Listing service Bright MLS said closed sales in February declined for the seventh month in a row, down 5.7 percent from a year ago. Pending sales — or contracts signed to buy but sales that have not yet closed — also fell 1.6 percent compared with last year.
The D.C. area’s glaring housing market problem remains lack of homes for sale.
New listings in February were down 7.3 percent from a year ago, and active listings were down 3.1 percent.
The number of condos on the market has declined for five consecutive months.
The lack of inventory and falling sales have not slowed home value appreciation in the D.C. region.
The median price of what sold across the area in February was $427,000, up by nearly 4.2 percent, or $17,000 over last year. It also marked the 29th consecutive month of year-over-year price increases.
The median selling price in the District last month was $589,000, up 10.6 percent from a year ago. In Arlington, the median selling price was $565,000, up 6.1 percent.
Below is a snapshot of sales by jurisdiction in the D.C. area in February, courtesy of MarketStats by ShowingTime based on MLS data:
This content was republished with permission from CNN.