DC Real Estate: They Can't Build 'em Fast Enough

Good news!  Now you no longer have to worry about where your tax dollars are going.  I’ll show you, suckers:

Last month, 5,124 home purchase contracts were signed in the DC area, the highest total for the month of June since 2005, according to data released today by RealEstate Business Intelligence (RBI), the research arm of Metropolitan Regional Information Systems (MRIS).

Feel like you have heard this before? You have. The year-over-year report for May reported that it, too, had the highest number of signed contracts in six years.

The report released this morning also stated that the median home sales price for the area increased for the fourth month in a row, reaching $379,990, 7.5 percent higher than prices in May. One interesting takeaway from this statistic is that median prices are at their highest level since July 2008.

Yes, you’ve read that correctly.  In the midst of a Great Recession with U6 underemployment at over 16%, we’re witnessing a runaway, multi-year bull market in Washington D.C. real estate.  Yes, there is some seasonality in there and there are always mitigating factors with any data set, but at the end of the day, contrast this market with any real estate market in the country and the absurdity of it all becomes undeniable.  They can’t build ’em fast enough.

Let the Good Times Roll, Congress.

Source:

Stability and Seasonality: DC Home Sales in June at Highest Level in Six Years (UrbanTurf)

hat tip Jonathan Miller