Unlike the rest of the city, the housing market didn’t take an extended vacation in August. Pending home sales in the region reached their highest level for the month of August since 2005, with both pending and closed deals increasing on a year-over-year basis for the sixth consecutive month. Although home prices as a whole have seen a healthy increase over the past 12 months, median home prices actually fell about 1% for the month. Certain jurisdictions continue to be on quite a tear, including Alexandria’s 17.6% increase over the past year. Inventory continues to increase but the pace is beginning to slow down. While inventory rose 10.3% for the month, that’s a far cry from the 35% increase in August 2014. [UT]
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