Real estate in Washington had a good month in May, rising 11 percent from a year ago, showing an upturn in the area, according to a report.
Monthly housing data released by Real Estate Business Intelligence reported that Montgomery County led the pack with an 11.7 percent increase in median sales price compared to May 2011 -- a jump in price from $357,250 to nearly $400,000.
Meanwhile, Fairfax and Prince George's counties reported a median sale price rise of over 7 percent, due to a more balanced market for home buyers and sellers, said Anirban Basu, CEO of Sage Policy Group in Baltimore.
The 10,510 active listings in May marked a 32.4 percent decline in listings from 2011, or more than 5,000 fewer homes on the market.
"During the worst periods of the housing market depression the supply of homes available was greater than the demand," Basu said. "The inventory has become more manageable."
"There's just an enormous amount of uncertainty with the economy and it certainly influences individual decisions. Buying a house and taking on a mortgage is considered a risky venture," he said.
"That could dampen what otherwise could be a market for strong growth."
