Washington,D. C. Metro Area Housing Market Feels Like 2006 (Contract-Wise)
Posted on August 17, 2011 by Jonathan Miller
Aug

17

2011

In my Three Cents Worth column today on Curbed DC that looks at new pending home sales by month for DC Metro over the past decade.  Seasonality in full force.  

Signed contract activity appears to be "Goldilocks-like" because it is not too hot and not too cold.

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DC Metro Area, market stats
WSJ: Is the Turmoil in D.C. Hobbling Its Housing Market?
Posted on August 11, 2011 by Corey Hart
Aug

11

2011

The Wall Street Journal picked up on the slight slippage in the DC Metro market, as reported by RBI, and posted the following: 

Is the Turmoil in D.C. Hobbling Its Housing Market?

The article quotes RBI contributor Jonathan Miller's idea that “the debt ceiling debate dominating media coverage for most of the month probably caused consumers to pause before making a purchase decision.” Real estate agent Pamela Dubois scoffed at the idea, expressing how busy she's been in Montgomery and noting that her fellow agents have been as well.

It's impossible to say for certain whether there has been any immediate impact from last month's three-ring circus, but it's certainly worth paying attention to what happens in the "super committee" later this year. If massive cuts to the federal workforce are included, we could certainly see a hike in the 3.3 month absorption rate reported in July as demand eases alongside the number of local jobs.  Not many metro areas (if any) can report a slight dip in activity like we did in July, yet still have such a strong sales pace per number of active listings. 

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DC Metro Area, market analysis
Signs of Slipping in DC Metro Housing Market
Posted on August 10, 2011 by Corey Hart
Aug

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 Index™ released today:

 

View PDF version of this release

 

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.

 

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DC Metro Area, press release
DC Metro Experiences Most Active June Market in 6 Years
Posted on July 11, 2011 by Corey Hart
Jul

11

2011

 

June’s Pending Sales Total Hit 5,124 – Highest Since 2005; Median Sales Price Increased 7.3% Year-over-Year, Highest Level in Nearly 3 Years

 

View PDF version of this press release

 

Rockville, MD – (July 11, 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 June 2011 RBI Pending Home Sales Index™ released today:

 

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DC Metro Area, market analysis, press release
Washington, DC Metro Area – Most Contracts Signed In May Since 2005
Posted on June 10, 2011 by Corey Hart
Jun

10

2011

May Pending Sales Show Seasonal 6.5% Rise From April;  43.1% Year-Over-Year Surge Reflects Last Year’s Lull After Tax Credit Deadline. Median Sales Price Rises 5.9% To Last Summer’s Levels

Rockville, MD –(June 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 May 2011 RBI Pending Home Sales Index™ released today:

 

View PDF version of this press release

 

OVERVIEW

There were 5,506 new purchase contracts signed in May 2011, 6.5% more than the 5,170 total in the prior month and 43.1% more than the 3,849 total during the same month last year.  However, the year-over-year jump in new pending sales overstates the consistent improvement in the Washington, D.C. metro area housing market.  In May of 2010 the contract signing deadline for the federal homebuyers tax credit had just expired and pending sales had fallen sharply because they had been “stimulated” to higher levels in the preceding months.  Median sales price continues to show seasonal stability, rising 5.9% in May 2011 to $353,606 – 5.9% higher than April 2011 and 3.5% higher than May 2010.

 

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DC Metro Area, press release

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