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.”
Like WTOP on Facebook and follow WTOP on Twitter and Instagram to engage in conversation about this article and others.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2021 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
