District’s median home sale price hits October record

Local Realtors are reporting a continued fast pace in the local market. (Brian Kapur/Current file photo)

Last month’s D.C. home sales increased 31.9 percent compared to October 2016, and the median sale price of $550,000 was an October record, according to a report by the Greater Capital Area Association of Realtors.

Amid the high pricing and intense market activity, the association says a lack of inventory continues to make the District a strong seller’s market. Half of the 870 homes that went under contract in October had been on the market for nine days or less. With 1,595 active listings as of Oct. 31, D.C. had a tight supply of just 2.2 months, the report states.

The association’s data include single-family homes as well as co-ops and condos.