This content ran in the Washington Business Journal in the June 15, 2018 edition.
Between May 2017 and May 2018, the number of existing home sales in the Washington region increased 1.1 percent, marking the second consecutive year-over-year increase. Of the 24 jurisdictions, 13 had gains. Percentage growth was led by Fredericksburg City, VA (+27.6%), Fairfax City, VA (+23.8%), and Clarke County, VA (+21.1%). Despite the relatively large percentage gains in several jurisdictions in Northern Virginia, the sub-state area overall had fewer closed sales in May 2018 compared to last year (-1.4%). The number of closed sales in Suburban Maryland increased 4.0 percent, driven by strong gains in Prince George’s County (+8.1%) and Montgomery County (+5.5%).