DC-area home prices hit 10-year high

The median price of a home that sold in the Washington region in July was $530,000, easily surpassing the previous 10-year high of $507,000 set in April.

It was also the highest year-over-year price increase in nearly eight years, up 12.8% from a year ago.

The usually busy but muted spring housing market this year has shifted to summer.

Listing service Bright MLS says sales volume and new pending sales reached new highs in July. And the number of new listings rose throughout much of the region.

Closed sales rose 16.5% in July compared to June, with closings in the District hitting a 10-year high, up 20.7% from a year ago.

Closed sales throughout the D.C. area were up 6.8% from a year ago.

Pending sales in July, or contracts signed to buy but sales not yet closed, rose 12% from a year ago.

New listings coming on the market in July were up 20.3% from a year ago, and up 11.9% from the previous month.

What sold in the Washington metro in July sold in an average of just eight days, three days faster than last July.

Below is a snapshot median prices of across the D.C. region for July, courtesy of Bright MLS.

Courtesy Bright MLS

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