The number of contracts signed to buy a house or a condo in the D.C. metro was down 26.3% in August compared to the same time last year.
Closed sales 鈥� deals likely inked in June or July 鈥� were down 25.3%, further evidence of quickly slowing local housing market.
Listing service reports the number of in-person showings by real estate agents in August was down 27% from a year ago.
Even so, prices are still higher. The median selling price of a home in August in the D.C. region was $555,000 鈥� up 3.4% from August 2021.
Fewer sellers entered the market heading into fall, with 5,906 new listings coming to market in August. That’s down 26% from a year earlier. Total active listings of about 7,300 homes on the market was down 5.1%.
Bright MLS gauges homebuyer interest every month with a Home Demand Index, a forward-looking gauge based on online searches and showings. It registered 鈥渟teady鈥� in August, down from “moderate鈥� a year ago. The biggest decline in buyer demand was for higher-priced single-family homes.
鈥淭he frenetic pace of the housing market over the past two years was not sustainable,” Bright MLS said in a statement. “Cooler conditions in the Washington area housing market should be a welcome relief for prospective homebuyers who will find more options, less competition, and more opportunities for negotiating with sellers,鈥�
Below are median selling prices in the D.C. region for August, courtesy Bright MLS:
