Tracking how Trump’s changes are hitting home in DC
Bright MLS launches a new site with housing market data for the nation’s capitol. Plus, inland condo prices rise in Florida, and new home sales dip in Texas.
Key points:
- Last week, listings rose and prices fell in D.C. — but it's too soon to call it a trend.
- Inland Florida condos beat out beachside units on price, and statewide inventory is way up, hitting more than 9 months of supply.
- New home sales fell in Texas' four biggest cities last month, but they're still up 11% over last year.
Editor's note: All real estate is local, so national numbers only tell part of the story. Want to understand what's happening in key regions? Sometimes it helps to zoom in.
That's why Bright MLS has launched the Greater D.C. Area: Weekly Housing Market Update. The site comes with the caveat that the data can take some big swings from week to week and is best understood as a way to illuminate trends over time.
For the site's debut, which covers the week ending Feb. 23, Bright reported that listings activity is increasing in the Washington, D.C., region more than in other parts of the Mid-Atlantic. Specifically, listings jumped 20.1% versus the prior week (when they had been virtually unchanged from the week before) and were 12.9% higher than the same period last year.
Bright also found that 7.5% of active listings in the D.C. region had price drops, which was slightly above what was reported across the rest of Bright MLS's coverage area (Maryland, Virginia, West Virginia, New Jersey, Pennsylvania and Delaware).
This update comes on the heels of a social media post — since shown to be fake — that seemed to show a major selloff of real estate in and around Washington, D.C.
Condo market stronger in Florida — away from the beaches
The further condos are from the beach, the more their sale prices went up in January, according to a new analysis of MLS data done by Redfin.
Inland condos had a median sales price of 5.4% more than the previous year, while on the coasts, the median price saw year-over-year drops of 4.8% (Gulf Coast) and 3% (Atlantic).
"Insurance is much cheaper inland than on the coast, which leads to lower HOA fees and more affordable monthly payments for condo owners," said Christopher Maggart, a Redfin sales manager focused on the Orlando area. "Condo buildings in central Florida also tend to be newer and up to date with recent regulations."
Florida Realtors, meanwhile, reported that active listings have increased significantly compared to January 2023. Condo and townhouse inventory is up 39.3%, which translates to 9.1 months of supply, and single-family home listings are up 31.3%, representing just over 5 months of supply.
"The arrival of a new year usually brings with it a revival in the rate of homes being listed for sale, and that was certainly the case this January," said Florida Realtors Chief Economist Dr. Brad O'Connor. "Over 35,500 single-family homes were listed for sale in Florida in January, which is the most we've seen in any month since July 2022."
New home sales slide in Texas, but are still ahead of last year
Houston, Dallas, San Antonio and Austin — the four largest markets in the Lone Star State — saw dips in January sales of new construction homes.
The combined three-month average of home sales in those four markets fell 6% from 6,083 in December to 5,710 in January, according to a report from HomesUSA.com.
But sales in all four cities are still up 11% compared to January 2024, the report pointed out.
"January sales are often lower than December as builders push hard to close the year with as many sales as possible," said Ben Caballero, founder and CEO of HomesUSA.com. "Builders were offering discounts, buyer incentives, and Realtor bonuses for December closings. A slower January is not unusual for that reason," he explained.