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Putting falling DC-area home prices in context 

By Jeff Clabaugh

Housing market headlines this spring — and now summer — indicate selling prices are falling in more metropolitan areas, and they are by two measures.

The important measure is year-over-year, and on that account, the D.C. area market is holding up.

Redfin reported year-over-year median selling prices were down in 29 of the 50 largest metropolitan areas in July, the highest tally dating back to the company’s 2012 records. But, the median selling price of a home that sold in the D.C. metropolitan area remained higher than a year ago.

“In Washington, D.C., home values are down 0.56% month-over month, but they are up 2.65% year-over-year, a reflection of where we were at last year. At this point, prices are falling, but they’re falling very slowly,” said Redfin chief economist Daryl Fairweather.

At that pace, it would take a long time for most existing homeowners to actually lose money on their sale. In the D.C. region, just 2% of current owners are underwater, or owing their lender more than they could sell their property for. But 35% are considered equity rich, able to sell for at least 50% more than they paid, according to Attom Data.

However, some sellers in the D.C. region are still coming out of the gate with list prices that may not be the ultimate selling price.

“Listing prices are higher than what homes are actually selling for, but listing prices have been coming down since May of this year. It seems like more sellers are starting to accept reality,” said Fairweather, who attributes that to more sellers listing to their agents up front.

“Real estate agents, when they’re doing their jobs correctly, are showing their sellers what the comps are, they show them how quickly homes are selling. They show them what homes are priced appropriately and how they compare to homes that are overpriced and are lingering on the market. That is definitely an important job of real estate agents, and it seems to be getting through in Washington, D.C.,” she said.

About one in 10 listings that sold in the D.C. area this spring had the original listing price reduced, according to listing service Bright MLS.

Massachusetts court hears arguments in lawsuit alleging Meta designed apps to be addictive to kids

By The Associated Press
BOSTON (AP) — Massachusetts' highest court heard oral arguments Friday in the state's lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users. The lawsuit, filed in 2023 by Attorney General Andrea Campbell, alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts who use the social media platforms. “We are making claims based only on the tools that Meta has developed because its own research shows they encourage addiction to the platform in a variety of ways,” said State Solicitor David Kravitz, adding that the state's claim has nothing to do the company's algorithms or failure to moderate content. Meta said Friday that it strongly disagrees with the allegations and is “confident the evidence will show our longstanding commitment to supporting young people.” Its attorney, Mark Mosier, argued in court that the lawsuit “would impose liabilities for performing traditional publishing functions” and that its actions are protected by the First Amendment.
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