Sales down from July 2013; Listing Activity up
The Washington, DC Metro Area continues to have lower levels of buyer activity than in 2013. Closed sales have now decreased from their prior year during every month in 2014, and decreased 8.4 percent from last July. New pending contracts have had year-over-year decreases for eight consecutive months. In July, new pending contracts fell 4.8 percent, with decreases in each property segment. Despite the lower buyer activity relative to 2013, closed sales and new pending contracts continue to be higher than in 2010, 2011 and 2012. The median sales price increased modestly from last year, rising 0.7 percent. This increase was driven by townhomes and condo properties, with condos reaching their highest July-level since 2007, and townhomes reaching their highest level on record, with data starting in 1997.