After the delirious intensity of the previous two years, the Washington-area housing market showed signs of slowing in 2022 as a series of interest rate hikes gave buyers pause. Even with homes spending more time on the market, however, inventory in the national capital area remains scarce, and prices almost everywhere continue to climb, pushing some home hunters to expand their search into a larger commuting radius.
In the D.C. area, or DMV , the time that homes — looking at all types collectively — are spending on the market is the most since late 2018, with the greatest increase seen in D.C. According to Bright MLS, D.C. homes that sold in February spent a median of 45 days on the market, up from 16 days the same time last year. The next-biggest increase was in Fairfax County, Va., where the median days on the market went from five to 28.
Those numbers actually represent smaller price gains than reported in previous years. Median prices for single-family houses in the District jumped 14 percent in 2020 and 9 percent in 2021. In the Virginia suburbs, the median price increased by 11 percent in 2020 and 8 percent in 2021.The slowdown in home sales hasn’t translated to lower prices, analysts said, because of the enduring regional problem of low inventory . Inventory — of all housing types combined — in the D.C. area fell to 1.
Condo prices did show signs of moderation. The median sales price of a condo in D.C. actually went down in 2022, to $490,000 from $493,500 in 2021. And while median condo prices generally increased in suburban Maryland and Northern Virginia, some localities saw prices dip. The median sales price for a condo in Arlington dropped from $467,000 to $450,000 in 2022.
Aquasco, Md., in Prince Georges, saw the greatest annual gain in the median price of a single-family house in the region, with an increase of 112.96 percent, to $575,000. Aquasco, about an hour south of D.C., is an unincorporated place that has seen an upturn in new construction. The median price jump there may also reflect the willingness of more buyers to accept a longer commute to get a more valuable home.
Lending standards were reformed after 07-08. Price drops then were associated with distressed assets. Home prices, price fluctuations, rates, and ultimately CPI will be much more stable and rates will be higher. If you believe we’re going back below 5% for interest rates?
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