D.C. homes are sitting on the market longer now than they were over the summer. Photo: Andrew Harrer/Bloomberg via Getty Images
The D.C. metro area’s real estate market is starting to level off, according to the latest data from Redfin/MLS, Axios’ Brianna Crane writes.
Why it matters: After more than two years of plummeting inventory and high prices, homebuyers in the D.C. area have waited a long time for a little relief.
Yes, but: Mortgage rates started to surge in May and have since fluctuated between 6-7%, making monthly mortgage payments more expensive than they were a year ago.
By the numbers: Median home sales prices dropped from $554,000 in May to $515,000 in October, and inventory is up 15.7% since May.
Homes also sat on the market three times longer.
- Homes sold in 12 days on average in May. In October, the average home sold in 36 days.
Half as many homes have sold above list price, 30.3% in October, compared to 61.2% in May.
- In October, 32.7% of listings dropped their list price, up nine percentage points since May.
What we’re watching: A reprieve might be on the way. Home prices are expected to start dropping nationwide, Axios’ Matt Phillips writes.
- Existing home sales have fallen for nine straight months, and the supply of single-family homes is growing. With mortgage rates near 7%, experts say a large-scale housing slowdown is becoming increasingly likely.
