This October the D.C. area housing market saw home sales of 3,970 homes sold, up 2.6% from October 2015 and the highest number since 2009. Washington Post staffer Kathy Orton takes a look at the D.C. housing markets biggest concern, the decreasing inventory of homes for sale.
Positives for the D.C. housing market for October included pending sales increasing and median home prices remaining consistent for the past three years. However, the number of homes for sale fell to their lowest level in three years:
The decline in inventory was driven mainly by the dearth of new listings. Only 5,398 homes came on the market last month, down 12.4 percent compared with October 2015. It was the third lowest number of new listings for the month in the past 10 years.