Wednesday, August 10, 2011

Home sales down more than normal for this time of year; still strong when compared to July 2010 reports

Rockville, MD – (August 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the July 2011 RBI Pending Home Sales IndexTM released today:

OVERVIEW The number of contracts signed for the month of July fell 10.9% from June, a larger decline than the 7.5% ten year average. While month-over-month contract activity tends to decline in July, the debt ceiling debate dominating media coverage for most of the month probably caused consumers to pause before making a purchase decision. Even with the hesitation, new pending sales reached their highest June total in six years. The 29.3% year-over-year July increase in pending sales activity was a result of last year’s lull in market activity in the months that followed the April 2010 contract signing deadline to qualify for the federal homebuyer tax credit. Median sales price slipped in July to $370,000, consistent with seasonal patterns after reaching a three year high of $379,990 in June.
  • July contract signings highest since 2005.
  • Median sales price slipped from prior month, consistent with seasonal patterns.
  • New inventory declined faster than active inventory resulting in lowest July total since 2005.
  • The July absorption rate of new pending sales remained below the five and ten year average.
  • Days on market and listing discount changes remain consistent with seasonal trends.

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