September 2017

Found 2 blog entries for September 2017.

August Market Stats Reflect Seasonal Slowdown of Total Sales, but Still Higher Prices
Reports the Northern Virginia Association of Realtors® 

Fairfax – “With inflation in a soft patch right now, many federal officials still project one more interest-rate increase this year but not right away,” explained NVAR Chairman Bob Adamson. “The Federal Reserve is in no rush to raise rates, which keeps value pricing intact for those applying for mortgages” he said.

“We had the seasonably expected slight decline in August home sales, with 2,018 sales closing, which is 4 percent lower than last August’s 2,104 closings.

When July and August home sales are averaged together, we only have a 1 percent decline in what is our third busiest season for home sellers

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Number of Newcomers Declines; Wage Growth Could Still Spark Housing Demand

Where is it Occurring, and How High Will it Go?

Clearly, home prices in Northern Virginia are exorbitant and continue to rise. Low inventory levels and high demand have propelled the median sales price to its new peak, and pushed the median number of days that a home is on the market to a new low.

Home price appreciation is widespread across the nation, but particularly pervasive in Northern Virginia. Within the region, there exists wide variation in home sale price by location and housing type. When will it stop?
At some point, people will hit their breaking points and refuse to pay premium rates for a home that does not fully match their needs or desires. Nevertheless,

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