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DC home prices reach 10-year high, selling at fastest pace in a decade

WASHINGTON — It has been a long time since potential homebuyers in the D.C. market have had to be prepared to act as quickly as they do now, with condos and houses selling at the fastest pace in a decade.

Listing service Bright BLS said the median number of days on the market a property spent before going under contract in March was 13 days, half of what it was in February. It is the shortest March “Days on Market” of the last 10 years.

The median price of what sold area-wide also reached $435,000 in March, up 3.6 percent from a year earlier. It was the 18th consecutive month for year-over-year price increases and was easily the highest March level of the last 10 years.

Sales are still slowing.

Sales volume across the D.C. metro was $2.2 billion, down 2.6 percent from a year ago. New contracts signed were down 6.2 percent from a year ago, and new listings were down 7.6 percent.

What did sell, sold for an average 98.4 percent of list price, the highest March level of the last decade.

Arlington County led the region for price, with a median selling price in March of $564,250. That’s up 11 percent from a year ago and topped D.C.’s median price of $555,451, which was up 3.8 percent.

Here are median selling prices and year-over-year changes, courtesy of Bright MLS:

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

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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