Real Estate Business Intelligence’s latest housing update for the Washington metro area offered good news for homeowners, but not so good news for those looking to buy a home in the region.
RBI reported Tuesday morning that the median home sales price in the Washington metro area reached $400,000 for the first time in four years, a 1.9 percent increase from May and a 5.3 percent increase from June 2011. It was the fifth consecutive month of year-over-year gains.
Falls Church continues to have the most expensive median price ($612,450) even though the median price fell by 7.1 percent from May ($659,000), the only jurisdiction not to have year-over-year growth in median sales price.
Virginia leads the region in median sales price with the top three spots located in that state — Falls Church ($612,450), Arlington ($550,000) and Alexandria ($482,700). Fairfax ($450,000), Fairfax City ($439,500) and Loudoun ($404,950) are also above the DC metro average.
Montgomery County had the biggest year-over-year increase in median sales price, rising 8.4 percent from June 2011 ($381,150) to June 2012 ($413,000).
The condominium market showed the most substantial rise in median sales price, a $30,000 increase in value, which is up 12 percent from a year ago. Condos outpaced detached homes and townhomes in June on year-over-year growth in sales, median price gains and new contracts. The 1,133 condo sales in June are a 13.9 percent increase from last year and the second month in a row of double-digit year-over-year growth.
Those looking to buy a home not only have to contend with rising prices but also a diminishing inventory. The Washington metro area had its 16th consecutive month of year-over-year declines in active listings. The number of active listings in June shrunk to a historic low, falling to 10,374, which is down 33 percent from a year ago. The 5,588 new listings entered in June are the lowest for the month of June since RBI started tracking the data in 1997.