Washington, D.C. is among a small number of metro areas across the country that are finally beginning to see an increase in home inventory. According to a new report from Redfin based on data from this May, D.C. has now seen inventory increases for four consecutive months year-over-year. That means that more homes were on the market this February, March, April and May than the same months last year in the District.
In May, there were 22,662 on the market in the nation’s capital, a 4% increase over April and a 17.5% increase over last May. New listings totaled 12,313, but were actually down for the month by 1.9% since April and by 1.1% since last May.
What About Home Inventory Nationwide?
The home inventory for the nation overall was actually down by more than 5% since May 2017, even though new listings were up by 4.3% for the same period.
Of the 174 major metros in the Redfin report, Portland, Ore. had the biggest year-over-year increase in homes for sale, with a huge 35.3% uptick. Detroit, Mich. was second with a 28.4% year-over-year increase; Allentown, Pa. and Baton Rouge, La. were next with a 24.4% increase; Warren, Mich. was fourth, 20.3%; and Washington, D.C., fifth.
Sales Hit Double Digits in Baltimore
Baltimore also had a special mention in the Redfin report which said that sales volume in the metro area was up 31.8% in May year-over-year. Baltimore was one of 13 out of 174 metros in the nation tracked by Redfin to see sales volumes rise by double digits this May compared to the same month in 2017.
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