Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly feature will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers.
D.C. Metro area housing market update (from what we’ve seen).
- 20% increase in sales price from June
July was a record-breaking month for home sales price in the D.C. Metro area. The median sales price has reached a decade high. With rates falling below 3 percent, buyer demand continued to skyrocket. Led by Northern Virginia, Alexandria and Arlington posted decade high median prices. Additionally, homes are selling quickly, keeping inventory tight. According to Redfin, the D.C. area is the fourth most competitive housing market in the U.S.
- 13% increase in opened deals from June
July deals did not solely increase in sales price, but volume as well. We received our most deals ever in July, up 13% from June — an indication of increased seller sentiment. Redfin reports that this is the first time ever on record that July closings gained from June. Our early data predicts a 7% uptick in median sales price due to the competition, especially on single-family homes. The rebound of the D.C. Metro area housing market has been incredible. Amidst the most unpredictable times in the modern era, it has been a force for economic recovery.
- August projections: slight increase in median sales price, increase in volume
Data from our deals set to close in August reflects a slight increase in purchase price from July. The record-breaking home prices continue to beat July’s decade-high median sales price. The rates are too low to miss out on securing a new home for consumers. Our early data predicts a 7% uptick in median sales price due to the competition, especially on single-family homes. Not only will price increase, but volume as well. As seller sentiment continues to rise, the already strong buyer demand is rising as well.
Have questions related to title insurance? Email Latane and Matt at [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company!