Real Estate Business Intelligence reports: “The Washington, D.C. Metro housing market ended the summer season with strong sales activity. Pending sales are at their highest August levels in a decade, while sold activity is at the third highest August level in a decade. Median sales prices dipped slightly, overall inventories increased, although at a slightly slower pace than recent months, and median days-on-market increased to 25 days.
The 4,515 closed sales in August represent a 7.8% increase from last year, although they are down 13.6% from last month. New contracts rose by 10.6% from August 2014 to 4,713, and dropped 9.7% compared to last month. This marks the sixth consecutive month that all market segments have experienced year-over-year increases in both closed sales and new contracts. The overall median sales price dipped a slight 1.0% to $411,000. The median sales price for single-family detached declined 3.9% to $500,000, while townhome prices remained flat at $400,000 and condos increased 0.8% to $302,250. Month-over-month prices were down 9.1% for single-family detached and down 2.4% for townhomes, although condo prices rose 4.2%.”