Forecasted Shifts Occur in Northern Virginia Housing Market: May Reflects Declines in Sales and Inventory, Says NVAR    Prices Hold Steady Compared to Previous Year   FAIRFAX, Va. (June 13, 2023) – Northern Virginia home sales were down 24.9% compared to May 2022, as home values remained strong but inventory lacked. Mortgage rates have receded slightly from recent spikes, and sales increased 27.3% in May compared to April 2023, showing expected strength during what is traditionally the busiest time of the year, according to the Northern Virginia Association of Realtors® (NVAR).    “The environment may be different than a year ago, but we are still selling homes,” said NVAR Board Member Colleen Wright. “The small decrease in mortgage…

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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,…

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Outlook is Good as Northern Virginia March Homes Sales Jump More than 38% from February Despite Decline from Last Year, Says NVAR   Inventory Low and Prices Up as Region Enters Spring Market   FAIRFAX, Va. (April 14, 2023) – Northern Virginia home sales increased 38.4% in March, compared to February 2023 signaling that the spring market is coming on strong, as expected with seasonal trends. The optimism prevails despite sales dropping 32.1% compared to March 2022 as the market continues to return to pre-pandemic norms, according to the Northern Virginia Association of Realtors® (NVAR).    “The growth from February is part of our seasonal cycle. Spring market is traditionally hot, and we are seeing lots of interest in buying homes.…

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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…

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NVAR Reports that Northern Virginia January Home Sales Down but Pending Home Sales Rose 14%
Good Signs that Sales Heading Up for Spring

  FAIRFAX, Va. (February 15, 2023) – Northern Virginia home sales declined in January, dropping 33.6% compared to January 2022, but in a good sign, pending sales grew 14% from the month prior, reversing an eight-month skid, according to the Northern Virginia Association of Realtors® (NVAR).     “Pending home sales indicate an increase in market activity,” explained NVAR Board Member Peter Bixby, Compass Realty. “This growth is a positive sign. The buyers and sellers I work with are motivated and adjusting to higher mortgage rates.”   Despite lower sales activity, the average days on the market in…

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Housing News   More Home Sellers Offer Buyers Concessions   When the housing market was at its peak, home sellers had the advantage. It was common for a homeowner with an attractive listing to receive multiple offers from interested buyers. Put simply, it was a sellers' market. These days, things have obviously changed. Higher mortgage rates and more challenging affordability conditions mean home sellers have to work a little harder to entice potential buyers. It is leading more of them to offer buyers concessions.   But what are concessions? Well, they can be a lot of things, including mortgage rate buy-downs and covering closing costs or the cost of home repairs. They are becoming more common as the market begins to find better…

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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…

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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,…

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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 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…

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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…

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