The Wall Street Journal painted a not so pretty picture for the Country’s housing market today. The article “Housing Marketing Sumbles” by Nick Timiraos and Robbie Whelan, states “In major markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans. The expiration of a federal home-buyers tax credit at the end of April is weighing on the market.” The article goes on to highlight several factors leading to the stalled housing marketing including a slow job market and low consumer confidence.
Despite the bad news for the market as a whole, the Washington, DC Metro area is still showing signs of a healthy market in recovery mode. According to the June 2010 monthly statistics after a big dip in activity last month, buyers slowly came back to the market in June as Pending Sales were nearly even with a year ago. Inventory was down 8.2 percent compared to last year giving buyers fewer choices, and the reduced supply put upward pressure on prices. The Median Sales Price for June of $282,995 was a 1.1 percent increase over June 2009. Reduced competition helped sellers as negotiations moved back toward their favor by 1.9 percent to arrive at 94.7 Percent of Original List Price. In addition, market times decreased 26.9 percent to 73 days, while Months Supply of Inventory fell 19.0 percent to 6.4 months. Click here for the full report.