Many prospective buyers are seeing little choice but to forgo their purchase thanks to high prices, the research said. Meanwhile, year-to-date sales activity is slightly behind that of last year despite higher closed and new pending sales in May.
In Washington DC, the median price was up by 6.7% compared to last year. Nevertheless, the median price remained stable in the DC metro, from April to May, at $640,000.
Baltimore also recorded a dip in activity last month, with closed sales across its metro area 2.4% lower than in May 2023, noted the report. Slower demand and additional housing supply do not appear to have impacted prices significantly, with the median sold price being $400,000 – the highest recorded for the area.
“Closed sales improved in May (+1.0%). Year-to-date new pending sales and closed sales are only slightly below last year, down -0.8% and -0.3%, respectively,” the report said.
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