Parts of the local housing market may have hit the summer doldrums in July. Prices of what sold in Montgomery County, Maryland, and the District were a bit lower than a year ago, according to the Greater Capital Area Association of Realtors.
Potential buyers also signed fewer contracts to buy a home.
In July, the median price for what sold in D.C. and Montgomery County was $575,250, a 4.1% decrease compared to June, but still 4.6% more than the median selling price in July 2020.
In the District, the median price was $652,500, down 6.8% from June and up just 1% from last July. The median price in Montgomery County was $540,000, down 2.7% from June, though up 8% from a year earlier.
There was also a 16.1% month-over-month decrease in newly signed purchase contracts in July.
“While the housing market continues to be hot, in mid-June, we started to see a bit of a slowdown, which could have been caused by accessibility of the COVID vaccine and the fact that people were starting to travel again, so a lot of the buyer pool disappeared,” said GCAAR president Jan Brito.
“Buyers may be taking a break now, but I do think we’ll see an uptick in the fourth quarter.”