NVAR Reports Sluggish Home Sales and Limited Selection in October Higher Mortgage Rates and Low Inventory Both Factors
FAIRFAX, Va. (November 16, 2022) – Driven by higher mortgage rates, October housing sales continued to fall, dropping 37.4% compared to October 2021. Meanwhile, limited inventory pushed prices up 4% from the previous year, according to the Northern Virginia Association of Realtors® (NVAR).
“Interesting dynamics are shaping our local market as sales continue dropping but prices keep rising. Even though it remains a seller’s market, the slowing market is also bringing a little more parity to the marketplace as buyers have more bargaining power than over the past two years,” said NVAR Board Member Miguel Calvo,…
Home values nationwide are returning to 'normal' after two years of unprecedented growth, based on a new report from Zillow. Specifically, the increase in value for the typical U.S. home has been decelerating by the month, from a peak of 1.9% in April to 1.2% in May and .8% in June
These monthly adjustments may benefit homebuyers whose purchasing power is finally on the rise. That's after double-digit annual increases bumped the value of the typical home up 16% year over year – and a staggering 44.5% since 2019
Experts Offer Mortgage Rate Forecasts
Mortgage interest rates have risen dramatically over the past several months with the average 30-year fixed-rate mortgage…
July Homes Sales Dropped Nearly 29% in Northern Virginia from Last Year as Inventory Inched Up, Reports NVAR
FAIRFAX, Va. (August 12, 2022) – Northern Virginia housing sales continued their descent, sliding 28.8% in July from the year prior. Price growth slowed and inventory was slightly more plentiful, according to the Northern Virginia Association of Realtors® (NVAR)
"More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat. Sellers need to put their best foot forward when entering the market because buyers simply do not have the appetite or the energy to deal with unrealistic sellers. Well-maintained, updated properties that are priced…
Wondering when the current mortgage rate rollercoaster will end? The main explanation for the recent rise in rates is simple: The Federal Reserve is on a mission to combat inflation. That means the Fed plans to raise short-term interest rates in 2022, and mortgage rates generally follow the same path. On the other side of the coin, competing forces are pushing rates lower. For example, investors are taking money out of the stock market and putting it into safer investments like mortgage bonds. This growing demand leads to lower rates. Ultimately, the good news is that rates have a good chance of becoming attractively low in the long-term if a recession doesn't begin to affect the economy.
WOODBRIDGE, VA. June 14, 2022 – Flowers are in bloom this season and so are the recent Prince William County market statistics. The stats, generated by Virginia REALTORS Chief Economist Ryan Price and SmartCharts and gathered through data provided by VAR and Bright MLS, give readers a valuable snapshot of what’s hot on the charts, and what’s not in the current housing market.
A grand total of 864 homes were sold across the month of May, this is a minimal decrease of 13.3 percent in comparison to May 2021. New listings also showed a slight 11.1% decrease with 1079 new listings as opposed to 1214 in May 2021. On a lighter note, active listings were shown to be more readily available with 489 listings, a significant 30.8% increase to last year’s…
Regional Housing Sales Cool but Still Hot Compared to Pre-Covid, Reports NVAR April Housing Sales Down but Prices Up from Last Year
FAIRFAX, Va. (May 13, 2022) – Housing sales slowed compared to April of last year but grew compared to March, according to the Northern Virginia Association of Realtors® (NVAR). Even with easing sales, it remains a seller’s market and home prices continued to surge.
“Rising mortgage rates and limited supply have finally cooled the market but when considered in context of our pre-covid world, we are still experiencing outstanding growth in housing sales,” said Derrick Swaak, NVAR Board Member and Partner/Managing Broker, TTR Sotheby's International Realty. “Long-term this slowing may help more…
March Brings Record High Pricing to Fast-Moving Northern Virginia Housing Market
Fairfax, Va. – Buyers acted quickly to make offers on homes in Northern Virginia in March. “I put a listing up at 8 a.m., and by 10 a.m. would have the first showing,” said Thai-Hung Nguyen, Northern Virginia Association of Realtors® (NVAR) secretary-treasurer and principal broker with Better Homes and Gardens Real Estate Premier in Falls Church. “What Realtors® are dealing with now are a lot of showings within the first 48 hours of listing,” said Nguyen.
Homes in the NVAR region, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, sold with an average of just 14 days on…
February Northern Virginia Home Buyers Jump at New Listings; High Price Pattern Persists
Fairfax, Va. – “New listings jumped in our region in February compared to January,” said Reggie Copeland, president of the Northern Virginia Association of Realtors® (NVAR) and principal broker of C.R. Copeland Real Estate, “but even with a 38.5% month-over-month increase in new listings, buyers still snapped them up quickly.”
More than half (846) of the 1,355 home sales in the NVAR region in February were on the market for 10 days or less.
“Long gone are the days when buyers could go home and ‘sleep on it’,” said Copeland.
According to data from Bright MLS, the region’s Multiple Listing Service, there was a 29.6% monthover-month…
January 2022 Regional Home Sales Compared to January 2021: Northern Virginia Data from Bright MLS as of February 4, 2022; total sales and listings may not include garage/parking spaces.
The Northern Virginia Association of Realtors® reports on January 2022 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,172 homes sold in January 2022, a 14.3% decrease below January 2021 home sales of 1,368
The number of active listings decreased last month compared with 2021. Listings were 46% below last year, with 855 active listings in January, compared with 1,585 homes available in January 2021. The average days on market…
Brisk Year-End Sales Climate Sets the Stage for 2022 Northern Virginia Forecast
Fairfax, Va. – “Buyers in Northern Virginia added homes to their holiday shopping lists, pushing the number of sales to an 11% increase above last November and outpacing the slight dip seen in October by 4%,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Sales also outpaced the pre-pandemic 2019 November market by almost 49%,” McLaughlin said.
“Reflecting a paradox that has existed in the market for at least a year, in November the number of homes sold increased, while the number of homes on the market continued to drop,” said Derrick Swaak, 2021 NVAR president
There were 2,125 homes sold in the NVAR region in…