Median sales price falls for the first time in over two years; Sixth month of year-over-year decreases for closed sales
Buyer activity remained below year-ago levels in the Washington, DC Metro Area. Closed sales declined by 4.5 percent and have now been below their 2013-level every month this year. New pending contracts also fell from this time last year and have done so for seven consecutive months. While buyer activity is lower than last year, both closed sales and pending sales continue to outpace 2011 and 2012 levels. The median sales price decreased from the prior year for the first time since January 2012, possibly tempered by the slowing pace of sales. All property segments had a decline in median sales price, but only three of the jurisdictions did: the city of Alexandria, Montgomery County, and Washington, DC. But at $433,000, the median sales price for the region was higher than any month except June 2013 since July 2007.