Pending Sales Activity Follows Expected Seasonal Trends

Rockville, MD –(October 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the September 2011 RBI Pending Home Sales Index™ released today.

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OVERVIEW

Home sales in the Washington, D.C. metro area headed into the slower fall market losing some momentum as expected following the end of Washington’s seasonal summer peaks. There were 3,829 new contacts written in September 2011 beating September 2010 by 12.4% and 11.7% ahead of the five year September average. The total September contracts were 8.2% less than the 4,169 contracts signed in August 2011, consistent with the decrease in seasonal activity.  At $338,000, the median sales price for September 2011 showed some resilience as it was the highest September level since 2008.

Median Sales Price Also Outperformed Seasonal Expectations

Rockville, MD – (September 12, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the August 2011 RBI Pending Home Sales Index™ released today:

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OVERVIEW

Baltimore area home sales enjoyed their best August in five years as buyers took advantage of affordable prices and record low interest rates.

While August  pending sales  of 2,365 was 1.7% below the July 2011 total of 2,407, the current decline was well below the 6.9% average month-over-month decline of the past 5 years and the 4% average month-over-month decline of the past ten years. 

Median sales price also outpaced seasonal patterns, rising 4.4% to $235,000 in August from $225,000 in the July .  For the past ten years, median sales price has slipped an average of 0.5% from July to August.