More houses in the D.C. metropolitan area were sold last month than in any month since June 2006, according to data from RealEstate Business Insider, The Washington Post reported Friday.
5,652 homes were sold last month, marking a 13 percent increase from June of last year and a seven-month trend in increases in home sales in the region. D.C. homes accounted for 863 of those sales.
Mary Bayat, who owns Bayat Realty in Alexandria and chairs the Northern Virginia Association of Realtors board told The Washington Post that she has noticed home buyers being more confident in their purchase.
“Overall, I can see more hope in people. People are more confident, happier,” Bayat told the Post. “Maybe people are afraid interest rates will go up. They shouldn’t wait. They need to jump into that pool.”
The first half of 2015 has seen a 9 percent increase in sales in the D.C. metro area compared to the first six months of last year.
The fast pace of home sales in the region is likely to continue because there are a large number of pending sales that have been signed but are not yet closed. As the deals close, the numbers of sales is expected to grow.
The housing market continues to climb despite rising home prices, which are still reaching levels that almost hit a record high last month. The median home price in the D.C. area was $439,000 in June, only $1,000 less than the record high median price from June 2007 and 2013. The median price in the region has increased 25 percent since hitting a relatively low $354,000 in June 2010.
D.C. has seen the highest increase in median housing prices in the metro area in the year out of any other part of the region, with median prices rising 5.8 percent to $550,000 since last June. Simultaneously, D.C.’s population has grown about 1 percent a year for the past decade, even as the cost of living continues to grow.