The April housing report by ShowingTime found that DC-area home prices hit a record high of $475,000, representing a 5.6% year-over-year increase. The increase was driven by a surge in condo pricing, up 6.4%, and a higher ratio of single-family homes sold.
Notwithstanding the elevated home prices, buyers remained active in the region. There were approximately 5,000 closed sales, a ten-year record, and April was the first month that home sales rose on an annual basis since July 2018. Inventory levels for every property type fell, with an overall decline of 13 percent.