Highest April-level median sales price in seven years
In April, buyer activity remained lower than the previous year in the Washington DC Metro Area. Both closed sales and new pending sales were below their levels from this time last year, with all property segments posting declines in each category. However, some of the decline in closed and pending sales was due to a decrease in short sales and foreclosures. After 2008, like the nation, the DC metro region had an increasing number of bank-mediated sales. The number of bank-mediated sales peaked in 2010 and has since been declining, falling from 15.1 percent of total sales in April 2013 to 10.7 percent of all sales in April 2014. While this decline is a result of fewer distressed properties in the market, it has also depressed the total number of sales. Closed sales decreased 8.3 percent, or by 350 sales, but non-bank mediated sales only fell by 3.5 percent, or by 127 sales. Bank mediated sales declined 35.0 percent, or by 223 sales, and accounted for 63.7 percent of the decline in total sales. Bank mediated sales had a similar role in new pending contracts, accounting for 42.5 percent of the decline in new contracts, despite being a smaller share of the market.
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