Washington D.C. is experiencing a phenomenon not typically seen in the housing market with a tight inventory, rising sales, and prices that are still down. Washington Post staffer Kathy Orton takes a look at D.C.'s market, where sales volume has increased in each of the past eight months but the median price has fallen in six of those months.
Theories about this include buyers being more cautious and less willing to bid up prices with others believing that lenders are stricter about how much money they give to borrowers for a home:
Whatever the reason, prices were flat last month in most jurisdictions. Because May tends to be the second-most expensive month of the year to buy a home in the D.C. region, last month’s dip is good news for anyone looking to buy a home soon.