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
2nd Quarter MRIS Economic and Market Watch Report Now Available
Posted on August 15, 2011 by Corey Hart
Aug

15

2011

The Q2-2011 MRIS Economic and Market Watch Report has been published and can be viewed here:

MRIS Economic and Market Watch Report - 2nd quarter (PDF)

To find historical versions of this quarterly report, use the "Get Reports" widget on the RBI home page or find them on the "Reports" tab of the Mid-Atlantic stats page.  RBI is still planning on integrating quarterly and yearly increments into our Interactive Chart offerings and Local Market Insight reports, stay tuned...

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market analysis
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
Despite Most Active July in Four Years, Baltimore Area Home Sales Show Weakness; Prices Slide
Posted on August 10, 2011 by Corey Hart
Aug

10

2011

Rockville, MD –(August 10, 2011) – The following analysis of the Baltimore 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

More sales contracts were signed in Baltimore last month than any July since 2007 but prices still fell 4.5 percent—the first monthly decline since March.  On a month-to-month basis, sales activity dropped more than the seasonal average, suggesting demand is weakening. July sales contracts fell 6.9 percent from June but they are still 24.5 percent above July 2010.

 

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Baltimore Metro Area, press release
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

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