Pending Sales 15.9% Below Prior Year Tax Credit Fueled Surge; 4.8% Below March Rush. Median Sales Price Essentially Unchanged Year-Over-Year

Rockville, MD –(May 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by housing market expert Jonathan Miller of Miller Samuel, based on the April 2011 RBI Pending Home Sales Index™ released today:

OVERVIEW

April buyers and sellers in the Washington, D.C. metro area signed 5,170 purchase contracts, the second highest April since 2006.  The total was second only to the April 2010 surge in activity related to the final days of the federal homebuyer tax credit.  Pending sales in April fell to 5,170, 4.8% short of the heavy volume reached in March, partly a result of last month’s release of pent-up demand accumulated during the post-tax credit expiration lull in the second half of 2010.  The April 2011 median sales price was $334,000, nominally below $335,000 reached in same month last year and 4.4% above $320,000 in March.  The month over month increase was consistent with seasonal patterns.

March Signed Contracts Jump 34.3% Over February; Median Sales Price Rises 3.2% Year‐Over‐Year

Rockville, MD – (April 11, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by housing market expert Jonathan Miller, based on the March 2011 RBI Pending Home Sales Index™ released today:

OVERVIEW:

Pending home sales jumped 34.3% month‐over‐month as the Washington, DC metro area entered the “spring market” with 5,432 signed contracts, the highest number for the month of March since 2006. The March total exceeded the federal homebuyers tax credit‐fueled total reached in the same month last year. With three consecutive months of increased pending sales activity, median sales price showed a seasonal increase of 6.7%, the first month‐over‐month increase since last October.