DC: Pending Real Estate Sales Soaring

A real estate information company says pending home sales in the Washington, D.C., market has showed the largest year-over-year increase in 10 years.

RealEstate Business Intelligence says the number of contracts signed in February was up 33 percent from the same time last year, the biggest increase in more than a decade. The company added, however, that housing prices remain weak because of restrictive mortgage conditions.

RBI defines the Washington market area as including Alexandria, Arlington County, Fairfax County, Fairfax City, and Falls Church in Virginia.

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