The median price for District home sales reached a new June record of $620,000 last month, according to the Greater Capital Area Association of Realtors (GCAAR). That was up nearly 3 percent from the June 2018 median sales price of $603,000 and up 19 percent from the June 2014 sales price of $520,000. The total number of June home sales—857—was down relative to June 2018, representing a 3.7 percent decline, as well as the average for the last five Junes.
“Supply remains scarce relative to demand, continuing to drive a strong seller’s market,” a recent release from GCAAR says. “Closed sales fell in all three segments”—detached single-family homes, townhouses, and condo and co-op units. In addition, half of the homes sold last month stayed on the market for no more than 16 days, down from 26 days in June 2018.
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