[Courtesy of Redfin]
The month of September brought a surge of newly listed homes on the market, more stable prices, heightened demand from homebuyers, and the big question: are there enough homes to meet the rise in demand? National real estate brokerage, Redfin, released their monthly Housing Market Tracker, analyzing the national real estate market, including what's happening in Washington D.C. and what homebuyers should expect for this fourth quarter.
For the month of September, Redfin reported that the number of newly listed homes in the District rose 69 percent over the previous month even though the number of sold homes slowed down. The DC metro area saw a more modest jump with a 9.4 percent increase in newly listed homes over August. After significant year-over-year price increases, the median listing price for the DC metro area is finally starting to level out with a 5.1 percent drop to $351,000 from August, while the District's median sales price is up only 1.1 percent over last year and down 2.5 percent from August. This data follows months of low inventories as well as declining mortgage rates (3.6 percent month over month). With a rising demand in homes for the fall, this is causing real estate agents like DC Redfin agent Sam Khosh to expect "stronger sales this fall than we've seen in prior years," as well as lower price growth for the fourth quarter.