The median price of homes that sold in the Washington metro in May reached the highest level in a decade, and despite continued low inventory, sales also were the highest for a May in 10 years.
Listing service Bright MLS says prices are rising slowly, up 1.1 percent from last May, but the median price of $465,000 still hit a 10-year high.
Sales volume across the D.C. metro area was more than $3.2 billion, up 4.8 percent from last year, and closed sales of 5,720 were up 1.8 percent fro last May, the highest May level in a decade, though new contracts signed to buy were down 2.7 percent.
Active listings, or homes on the market for sale, were down 4.8 percent, marking the 25th consecutive month of declines in year-over-year inventory levels.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP