May Home Sales Remain Brisk as Spring Season Ramps Up,
Condo Sales Strong, Moderate Economic Growth Expected
Reports the Northern Virginia Association of Realtors® 

Fairfax – Americans are paying a little more for housing this year as demand has been brisk, and serious buyers know that stalling a home purchase means higher prices. Northern Virginia buyers get this too, as Fairfax County, Arlington, Alexandria and Falls Church reached a combined 2,459 transactions in May. This movement reflects a slight dip of under 3 percent compared to the 2,526 homes sold in May 2017 in the NVAR footprint.

“With our Northern Virginia local economy in a great place regarding employment numbers, we do not think our region’s economy is at risk to overheat any time…

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According to the Virginia REALTORS March 2018 Home Sales Report, performance of the March residential real estate market slowed as a tight inventory supply and higher prices pinched the market. March 2018 volume (the sum of all sales) increased 1.0 percent over the same period in 2017, from $3.255 billion in March 2017 to $3.288 billion in March 2018. Typical of industry seasonality, volume rose from the prior month by 47.9 percent (from $2.223 billion in February 2018).

Also in accordance with historical seasonality trends, the number of transactions in March increased month-over-month by 40.6 percent (from 6,941 to 9,759) as the Spring selling season has begun. However, year-over-year sales in March dropped 2.6 percent from their 2017 benchmark…

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