Low inventory has caused home sales to decrease in the D.C.-area for the seventh month in a row.
According to the Washington Post, in February, 2,870 home were sold, a 5.7 percent drop from February 2018. New pending sales also declined by 1.6 percent compared with last year. This is likely due to a drop an inventory and the continually rising home prices, which reached a median of $427,000 last month.
In the Washington area, the number of new listings was down 7.3 percent last month compared with February 2018. New listings were down throughout the region with the exception of the District, where the 929 homes on the market represent an increase of 8 percent compared with February 2018, and Falls Church, where the 23 homes on the market represent an increase of 53.3 percent compared with February 2018.