Washington-area real estate market tightening D.C.-area housing sales slowed in August, but that was likely because significantly fewer houses were on the market, according to Long & Foster Real Estate Inc.
The firm’s monthly data covers D.C. and the Maryland suburbs.
In Montgomery County, sales were down 13 percent from a year ago, but the median sales price was up 1 percent to $387,500. Houses for sale spent an average of 55 days on the market in Montgomery County and sold for an average of 97.5 percent of asking price.
In the District, sales were down 2 percent from a year ago, with median prices unchanged at $399,000. Inventory was down 22 percent and houses were selling in an average of 61 days at 96.8 percent of asking price.
The hottest neighborhoods within the District last month, based on improving prices, were Cleveland Park and Kalorama, Columbia Heights, Capitol Hill Southeast and Adams Morgan. Foggy Bottom and Georgetown saw the biggest increase in sales.
Prince George’s County continues to lag the local housing market; the median price there was down 14 percent from a year ago to $160,000.
Construction jobs rise in Northern Virginia
The number of construction jobs in the District and Northern Virginia last month was higher than a year ago, although construction work declined in the Maryland suburbs.
Northern Virginia had 71,500 construction jobs in August, up 2 percent from a year ago. Construction work in D.C. was up 1 percent to 11,200 jobs, according to the Associated General Contractors of America. Construction work in suburban Maryland was down 8 percent to 59,400 jobs.
Construction employment was up in 146 out of 337 metropolitan areas in August. The association said local employment remains split, with private-sector demand rising and public-sector activity declining more rapidly during the last year.
