June 27, 2016 | Isabella Schnider

The 2016 home buying season is in full swing, with homes in May moving as fast as we’ve seen since the housing recovery began – even as asking prices continue to hit new record highs.

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

The median age of properties in May was 65 days, which was one day faster than a year ago and two days faster than last month. The median home was listed at $250,000 – 9 percent higher than one year ago and 1 percent higher than April. For-sale housing inventory also continues to increase on a monthly basis, but is still lower than one year ago.

In Arlington County, VA, the median sold price for detached properties for May was $885,000, compared to the median sold price for Condo & Coop properties, which was $390,000. The median sold price for single-family homes in Arlington County, VA, increased 15.7% compared to last month and 9.3% from May 2015. The median sold price for Condo & Coop properties increased 1.3% compared to last month and decreased 1.3% from May 2015.

In Fairfax County, VA, the median sold price for detached properties for May was $635,000, compared to the median sold price for Condo & Coop properties, which was $265,000. The median sold price for single-family homes in Fairfax County, VA, has increased 0.8% compared to last month and decreased 0.8% from May 2015. The median sold price for Condo & Coop properties increased 2% compared to last month and decreased 0.7% from May 2015.

In Washington D.C., the median sold price for Detached properties for May was $835,000, compared to the median sold price for Condo & Coop properties, which was $460,000. The median sold price for single-family homes in Washington D.C. increased 8.4% compared to last month and 13.2% from May 2015. The median sold price for Condo & Coop properties has increased 5% compared to last month and 3.2% from May 2015.

The Conference Board Consumer Confidence Index, which had decreased in April, declined further in May. The Index now stands at 92.6 down from 94.7 in April. “Consumer confidence declined slightly in May, primarily due to consumers rating current conditions less favorably than in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Expectations declined further, as consumers remain cautious about the outlook for business and labor market conditions. Thus, they continue to expect little change in economic activity in the months ahead.”

 

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

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