January 20, 2016 | Isabella Schnider

As we expected, the residential real estate market cooled down a bit in the last month of 2015, with reduced demand and inventory in most major markets – though not as much of a slowdown as the same time last year.

Washington D.C. Metro Area closed sales over the last six-months.

The median list price in December is down just 1% from November, which is actually an increase of 9% from December last year. Listing inventory is expected to trend down 7% for the month, compared with November. Homes are taking longer to sell as markets prepare for the new year, but they’re still moving fast than this time last year. The median age of inventory is now 93 days, up 11% from November, but down 7% year over year.

In Arlington County, VA, the median sold price for detached properties for December was $785,000, compared to the median sold price for Condo & Coop properties, which was $360,000. The median sold price for single-family homes in Arlington County, VA, decreased 7.6% compared to last month, and increased 9% from December 2014. The median sold price for Condo & Coop properties decreased 4% compared to last month, and 7.2% from December 2014.

In Fairfax County, VA, the median sold price for detached properties for December was $605,000, compared to the median sold price for Condo & Coop properties, which was $257,000. The median sold price for single-family homes in Fairfax County, VA, has decreased 2.2% from last month and increased 0.9% from December 2014. The median sold price for Condo & Coop properties has increased 9.4% from last month and decreased 1.5% from December 2014.

In Washington D.C., the median sold price for Detached properties for December was $700,000, compared to the median sold price for Condo & Coop properties, which was $435,000. The median sold price for single-family homes in Washington D.C. decreased 15.2% compared to last month and no change from December 2014. The median sold price for Condo & Coop properties has not changed from last month and increased 6.6% from December 2014.

Consumer confidence recovered in December after declining for the previous two months. The Consumer Confidence Index rose to a reading of 96.5, up 4% MOM and YOY. The increased was fueled by a strong labor market, low gas prices, and rising home prices that are boosting consumers’ wealth. As the US dollar strengthens and overseas economies remain sluggish, the US economy relies even more on domestic consumers. Consumers’ attitudes are critical to monitor because they make up 70% of the economy. When consumers are feeling confident, they are more likely to open their wallets for spending or investments.

Source: Realtor.com, RBI, Consumer Conference Board

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