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D.C. Home Prices, Inventory Plunge; Sales Increase

Take a look at the numbers, compiled by Redfin

National real estate brokerage Redfin just released their latest report, analyzing neighborhood-specific data over the past three months until June 30. When compared to last year’s numbers, Washington, D.C. home prices in June 2016 decreased by 2.3 percent. According to Redfin, this is the third time prices have fallen since 2014. The median sale price for June 2016 was $550,000.

While prices are down, home sales are up. There were a total of 1,058 D.C. homes sold this past month, an 18.6 percent year-over-year growth. Redfin reported that this is the highest number of D.C. home sales recorded in a month since 2009.

In Georgetown, median sale prices declined by 6.6 percent year-over-year. Edgewood, Adams Morgan, and Mount Pleasant also declined by 27.3 percent, 10.7 percent, and 8.1 percent, respectively.

Inventory meanwhile has decreased by 5.1 percent year-over-year, the lowest level since 2009.

For more data, be sure to check out Redfin’s full report here.