The DC metro real estate market maintained its momentum in July, as interest rates ended the month at 2.99% and unemployment held below the national average. July marked a ten-year high for median sales prices in the DC region, with the median sales price rising nearly 13% year-over-year to $530,000. The previous ten-year high for median sales prices was set in April, at $507,000.
Buyer demand was also strong, with sales rising 17% from June. Housing inventory remains tight across the region, and last month marked the first time on record that July sales outpaced June sales. Days on market fell to their lowest July level in a decade and the second shortest number of days overall in ten years.
New pending sales of condos/co-ops also set an overall ten-year high, and new pending sales of attached homes reached their highest level since April 2016.