Fairfax - By the numbers, the overall housing market in Northern Virginia is taking steps that show reasonable market stability with a promising year ahead. "While the number of units sold this March is technically the same as last year, the 12 percent boost in active listings and the 23 percent hike in under contract listings are signs of a great market to come," said Virgil Frizzell, the 2016 Northern Virginia Association of Realtors® chairman of the board.

Homes sales totaled 1,542 this past March in the NVAR region, compared to 1,538 transactions in March, 2015. While this .26 percent increase has no immediate impact, March's rising inventory shows a positive trend. The new-under-contracts number totaled 747 transactions on the way to the closing table in March, compared to 606 last year.

Brand new active listings rose nearly 19 percent, underscoring local seller confidence, with 3,751 homes added to the market this past March, compared to 3,165 last year.

"Consumer confidence is always a key indicator about the housing market," said NVAR CEO Ryan T. Conrad. "With 3,082 contracts pending in the pipeline in March, which is an 11 percent increase over last year, we consider this a sign of confidence from Northern Virginia buyers about our local housing market." All these pending transactions occur at a time when lower mortgage rates still prevail despite lender processing delays, Conrad pointed out.


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