MRIS released August's data for sales of existing homes in the District yesterday. As in my District sales data, it shows that prices are falling, but volume is up. Unclear how much of that is driven by foreclosures. Key points [YoY]:
- Dollar volume flat, up a mere 0.59%
- Average price is down 16.29%, median is down 7.59%
- Unit sales volume [aggregate] surged up 20.16%
- Home unit sales up 23.9%
- Condo unit sales spiked up 16.54%
Sales prices were 92.49% of list. At August's sales rate, there is a 4.9 month supply of condos and 5.54 month supply of homes listed for sale, which would normally be an indicator of a tight market.