DC region’s housing market: Subdued and uncertain

It has not been a typical spring for the housing industry in the D C region The headwinds buyers are facing have continued to multiply The state of this spring s D C housing arena can be summed up in two words according to Erica Plemmons a researcher at listing facility Bright MLS Related stories Trump budget cuts could push DC area into a recession George Mason professor says Description warns of deep hit to Virginia s financial system citing federal executive cuts Bowser announces plan to transform DC commercial sector The first is subdued We are seeing activity that maybe is not as blooming as we typically see in the spring housing domain Plemmons commented And the other word that comes to mind is uncertain whether maybe now is the time to buy or they wait Falling consumer confidence and growing concern about a weakening economic activity and personal finances are now layered on top of regional federal job and spending cuts high borrowing costs an record high home prices Plemmons reported that is a lot for both buyers and sellers to be considering right now When you think of people who are in the position to ether buy or sell that is a really large financial decision she reported So they are going to be less likely to pull the trigger if they are not sure what s going to happen to their incomes in the near future In April throughout the D C region pending sales were lower than a year ago showings by real estate agents were down and the number of homes on the area was up from April of last year Sluggish sales and rising inventory is not even across all types of homes In fact demand for traditional single-family homes is strong even though those are the majority of expensive properties on the arena and they are harder to find Compared to April of or pre-pandemic trends our detached single-family home category is still at a deficit Plemmons disclosed Attached homes and condos have more homes on the region now than they did back in April There are fewer single-family homes for sale compared to Despite all the headwinds and the slowdown in buyer activity prices continue to rise We did hit a record high for the median sold price in the Washington D C area Plemmons noted We still see that prices are continuing to rise especially in that single-family category While the median selling price in April in the D C region was a new high price appreciation has slowed up from a year ago the slowest pace of price progress since June Below is a snapshot of sales activity throughout the D C region in April A snapshot of sales activity throughout the D C region in April Courtesy Bright MLS Source