Following trends for much of the year, housing inventory remained tight in August in Washington D.C. as the housing market here continues to make significant strides toward recovery.
Last month, the average number of days a home was on the market dropped 30% from a year prior, according to the Greater Capital Area Association of Realtors. It means this strong sellers’ market shows no signs of abating in favor of buyers any time soon.
Housing inventory in Washington D.C. started to loosen from March to June this year, but supplies have been shrinking the past few months through August to significant lows. Available condo inventory dropped 20.8% in August and single-family home inventory dropped 5.4%.
And while inventory is tight and moving quickly…