Sales continued to slow in the District and prices continued to rise as the housing market begins its summer slowdown.
Long & Foster Real Estate Inc. says the median price of what sold in D.C. in June reached $620,000, up 3% from a year earlier. The number of sales was down 6%.
Standout markets in June, were Penn Quarter and Shaw, where, based on 70 sales, the median price of what sold was $782,000, a 20% jump from the median price in June 2018. The median price in Columbia Heights and Mount Pleasant, based on 38 sales, was up 16% to $627,450.
Long & Foster says the market is slowing right now, normal for summertime, and should be slow going into Labor Day. There will be a pickup in activity between Labor Day and Thanksgiving, before slowing significantly until next year.
As has been the case, the slowdown is exacerbated by a lack of listings. Inventory in the District was down 8% from a year ago.
The National Association of Realtors this week compared to pace of sales in June nationwide to 2015.
“You’re seeing units’ contract at high levels and median sales prices are going up, but at muted, low single digits,” said Larry Foster, president of Long & Foster.
What sold in D.C. last month, was on the market an average of 32 days.
Below is a snapshot of June housing market activity in the District, courtesy of Long & Foster.