The Washington area home market seems to be making a bit of a rebound. Pending home sales were up 10.4 percent in our area in the month of October.
According to the Washington Examiner, that is 18.6 percent higher than the five-year average for the month. Housing experts say the boost in new contracts is a welcome surprise after the typical high sales of summer.
“There's generally a cycle in terms of hot summer seasons, and then in the fall it tends to drop back off,” housing expert Corey Hart told the Examiner. “It's definitely good news that new pendings are up month over month. It's not that it's taking off like gangbusters, but it shows the relative stability of the local market.”
Even with the spike, home prices are still down. The median sale price fell 5.0 percent from a year ago to $320,025. Most real estate experts attribute that to a rising number of foreclosures. And the number of active listings in our area has hit a 12 year low, down 16.1 percent from last year.
“There's actually almost a shortage in the D.C. area,” Hart told the Examiner. “Active inventory has been falling consistently for some time now. Less homes are entering the market, which helps stabilize prices as there's less negotiability between the buyer and seller.”