Real Estate Blog
Prices Remain Steady in Northern Virginia
Home Sales are Down but Prices Remain Steady in Northern Virginia
FAIRFAX, VA (May 11, 2023) – Northern Virginia home sales remained muted in April, declining 33.6% from April 2022, according to the Northern Virginia Association of Realtors® (NVAR). The year-over-year decline is in line with previous months. While closed sales were down compared with April 2022, closed sales increased 3.6% from March.
“It’s reassuring to see the subtle increase in sales activity month over month. Annual trends suggest that demand rises in the spring and this year is no exception,” says NVAR CEO, Ryan McLaughlin. “Furthermore, what we see is consistent with recent trends over the past few months – there are less sales happening now than this time last year,…
Northern Virginia home sales increased 38.4%
New Home Sales Start the Year Up 7 Percent
How Much Did Home Prices Cool Last Year?
In 2021, home prices set a record. According to the S&P Case-Shiller Home Price Indices, they were 19 percent higher than they were the year before. That was the largest annual home price gain in the 35-history of S&P's index. Last year, though, prices slowed, and with S&P's latest release we know just how much. The index found that, after peaking in June, home prices ended the year up 5.8 percent from the previous year. Craig J. Lazzara, managing director at S&P, says prices started cooling halfway through 2022. “The cooling in home prices that began in June 2022 continued through year end, as December marked the sixth consecutive month of declines for our National Composite Index,” Lazzara…Home Sales Down but Pending Home Sales Rose 14%
NVAR Reports that Northern Virginia January Home Sales Down but Pending Home Sales Rose 14%
Good Signs that Sales Heading Up for Spring
Real Estate Market Update
2023 NVAR Region 2023 Residential Market Forecast
2023 NVAR Region 2023 Residential Market Forecast
The Northern Virginia Association of Realtors® (NVAR), in conjunction with the Center for Regional Analysis at George Mason University (GMU-CRA), issues a consensus forecast for the NVAR region’s housing market. The association convenes a panel of key experts from differing sectors of the real estate industry to review preliminary forecasts developed by GMU-CRA economists and offer their insights into current and near-future market conditions. The following represents the forecast team’s outlook for 2023 This forecast arrives at a time of market upheaval caused by a rapid acceleration of mortgage rates since the spring of 2022 as the Federal Reserve Bank aggressively increases interest…NVAR Reports Sluggish Home Sales and Limited Selection
Home Value Growth Easing to Pre-Pandemic Levels
Home Value Growth Easing to Pre-Pandemic Levels
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 2019Experts 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