Six Year High For Washington D.C. Housing Market
Pending home sales in Washington D.C. has reported excellent marks for this year. In the recent survey conducted by the RBI Pending Home Sales Index for June 2011, Washington D.C earned an admirable six-year high for the entire month in its number of pending home transactions.
For the entire month of June, records show that there are about 5,124 pending home sales. This accounts to 7.3 percent higher compared to the recent year. Moreover, this concludes the greatest increase for three years as well as the highest in six years for the total number of sales.
Compared to last year’s month of June, the pending sales activity has improved considerably with up to 29.5 percent increase. However, most experts conclude that this increase is not due to the current surge in the home sales but rather on the post-tax credit decrease in 2010.
In addition, the median prices also increased in the month of June. These settled at the price of $379,990, which is said to hit the highest level as recorded since July 2008. In June 2010, the median increase up to 7.3% percent and in May, it has an increase over 7.5 percent
Despite these rises, the number of contract signings has somehow declined in the region. It fell by about 6.9 percent from the month of May. As compared to the previous decade, the said decline is still high from the usual 5.2 percent average drop.
-M. Germaine Parra
D.C. Area Realtor, Feng Shui Consultant
Licensed in DC, MD and VA
Long and Foster Realtors
6862 Elm Street Office, McLean, VA 22101