The Washington, D.C. Metro housing market witnessed another strong month, with year over year increases in sales and new contracts. Closed sales increased by 15.6% from March 2014 and new contracts rose by 10.8%, with all market segments experiencing a rise.

CLOSED SALES – Year-over-year sales shows a positive picture of the housing market with a consistent rise and double digit increases in both month-over-month and year-over-year comparisons. March 2015 showed a significant 15.6% increase in the number of year-over-year closed sales, far outpacing the increases of the last three months.

NEW CONTRACTS – Contract activity rose for the fifth straight month, making it the best year-over-year increase since February 2012. The number of new contracts increased 10.8% from March of 2014, to a total of 5,554. New contracts have now risen year over-year for five consecutive months and March contracts exceeded both the 5-year average of 5,409 and the 10-year average of 4,984.

PRICES – Sale prices are at the highest March-level since 2007 with a slight dip in single-family detached prices. The median sales price in March in the DC Metro Area was $400,000, with sold dollar volume totaling nearly $1.8 billion.

To read the MG Residential Washington, D.C. first quarter real estate report, click here.

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