The Washington, DC metro area has a growing surplus number of homes for sale, according to new data from Redfin.
Last month, the DC market’s total number of homes for sale were up 22.7% year-over-over, marking the third-biggest jump in records dating back to 2012. Only the two prior months saw bigger increases: a 23.9% spike in April and a 25.5% upswing in May.
Pending home sales in the DC area were down by a mild 0.3% from one year earlier, and the speed of selling was at a reduced page – the typical DC home that went under contract in June experienced a 36-day transaction, up from 26 days a year earlier.
Furthermore, only about one-third (35.7%) of homes sold over asking price, down from nearly half (47.8%) a year earlier. Nonetheless, the median home-sale price in DC was up over 2% year over year in June.
Redfin attributed the market’s conditions to widespread layoffs and job buyouts impacting federal employees and budget cuts for programs that rely on government funding.
“The local market is recalibrating and the pace of sales is slowing, partly due to federal job cuts,” said Marshall Park, Redfin’s senior market manager in Washington, DC. “For sellers, that means they have to be strategic about pricing, staging, and marketing—and they need to be realistic about what they’re going to get for their home. But buyers have a window of opportunity: More inventory means they’re able to be patient and picky, and they’re sometimes able to negotiate prices down and get concessions from sellers.”
The sooner the government leeches depart NoVA with their lockstep Leftist voting, the better. True Virginians have been strangling under the dumba** Democraps Warner and Kaine for far too long. The General Assembly is infested with Democraps that are trying to take away our constitutional rights. As far as I’m concerned, most federal agencies need to be abolished other than the DoD which needs a 90% cut in civilians, i.e. leeches. All contractors need to be fired except in IT and weapon development.