Housing Market Edges Up As the Fed Considers an Interest Rate Hike
8 percent increase in Sales Offset by Dip in Active Listings, compared to last May
Fairfax – Home sale closings climbed 8 percent in May, at 2,312 settlements, compared with last year, as the Northern Virginia spring market showed strength. This past month had the most sales in the NVAR footprint in the past three years compared to previous Mays. Affordable housing stock remains lean, with inventory at all price points continuing to be squeezed. Total active listings of 5,122 are down 10 percent compared to last year’s 55,672 check this number homes available. New contract activity rose nearly 6 percent with 746 new deals made in May 2015.
“With pending home sales up 4 percent, it