July 21, 2016 | Isabella Schnider

Following the strongest spring in a decade, the residential real estate market has kicked off the summer with the hottest June in just as long.

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

Homes for sale in June are moving two percent more quickly than last year as prices continue to hit new record highs. The median age of properties in June ended at 65 days, which is one day faster than last year and the same as last month. The median home was listed for $251,000, seven percent higher than one year ago and one percent higher than last month.

In Arlington County, VA, the median sold price for detached properties for June was $845,000, compared to the median sold price for Condo & Coop properties, which was $393,750. The median sold price for single-family homes in Arlington County, VA, decreased 4.5% compared to last month and increased 0.9% from June 2015. The median sold price for Condo & Coop properties increased 1% compared to last month and decreased 1.6% from June 2015.

In Fairfax County, VA, the median sold price for detached properties for June was $635,000, 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, had no change compared to last month and decreased 0.1% from June 2015. The median sold price for Condo & Coop properties decreased 2.8% compared to last month and 7.2% from June 2015.

In Washington D.C., the median sold price for Detached properties for June was $755,000, compared to the median sold price for Condo & Coop properties, which was $422,700. The median sold price for single-family homes in Washington D.C. decreased 9.6% compared to last month and 10.1% from June 2015. The median sold price for Condo & Coop properties has decreased 3.8% compared to last month and increased 1.1% from June 2015.

The Conference Board Consumer Confidence Index, which had decreased in May, improved in June. The Index now stands at 98.0 (1985=100), up from 92.4 in May. “Consumer confidence rebounded in June, after declining in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers were less negative about current business and labor market conditions, but only moderately more positive, suggesting no deterioration in economic conditions, but no strengthening either. Expectations regarding business and labor market conditions, as well as personal income prospects, improved moderately. Overall, consumers remain cautiously optimistic about economic growth in the short-term.”

 

Source: Realtor.com, RBI, Conference Board Consumer Confidence Index

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