August 2017 Housing Market Update: Inventories continue shrinking, pushing prices up to record and n

• The Washington D.C. Metro median sales price of $430.000 was up 2.2% or $9,250 compared to last year but was down 2.3% or $9,900 compared to last month. This is the highest August price of the decade.

• Sales volume across the DC Metro area was over $2.6 billion, up a slight 0.1% from last year.

• Closed sales of 5,072 were down 0.3% compared to last year and down 1.6% compared to last month.

• New contract activity of 4,965 was up 1.2% compared to last year.

• New listings of 5,894 were up 7.2% compared to last year but were down 6.2% from last month.

• Active listings of 9,855 are down 4.4% compared to last year and down 4.1% compared to last month. This is the 16th consecutive month of declines in year-over-year inventory levels.

• The average percent of original list price receive at sale in August was 97.8%.

• The median days-on-market for August 2017 was 18 days, four days lower than last year.