Real Estate: Market Update, Still a Seller’s Market
By • September 12, 2022 0 1439
The monthly Bright MLS report for the Mid-Atlantic area indicates it’s still a seller’s market, although buyers have more leverage.
Home prices are on the rise, but inventory does remain stubbornly low. Home sales in the Mid-Atlantic region are down 18.4 percent, in response to economic uncertainties and rising mortgage rates (which is similar to trends nationally). Median home price is still up across the region by 5.3 percent.
The August 2022 market update for the Washington Metro area had lots of interesting information to pass along. According to Bright MLS T3 Home Demand Index (HDI), buyer demand continued to track lower for the summer. The September HDI for the D.C. metro area was 101, or steady, down from 122 last year and 110 the previous month.
Buyer demand has tracked lower this month for all housing types in the region, with the largest month-to-month decline reported for single-family homes of higher price. Home sales activity continue to slow in the D.C. Metro Area, with buyers holding back a bit and homes have remained on the market longer than before.
August 2022 saw home sales down 25.3 percent, compared to 2021. Pending sales also declined, which show that sales this fall will be lower than last year. After July increases, the number of active listings fell in August with fewer sellers listing properties. The number of new listings in the area was down 26 percent, the sixth consecutive month of year-to-year declines in new listings.
While price growth has moderated, prices are still on the rise in most local markets in D.C. The median price in the region was up 3.4 percent compared to last year.
For more information visit https://www.brightmls.com/home.
