October Saw Brisk Housing Activity with a 7% increase in Sales; Serious Buyers are Taking Action, New Under Contracts Rise, Reports the Northern Virginia Association of Realtors®
Fairfax - "In a perfect world, real estate practitioners like to observe that their market has achieved a balance," said Bob Adamson, 2017 NVAR Chairman of the Board. "As of October, our home equity gains remained within normal limits while interest rates stay pinned at historic lows.
"These factors add to local buyer confidence," Adamson continued. October resulted in a 7 percent increase in sales, recording 1,652 homes sold compared to 1,540 transactions last October. "While economic progress has been patchy throughout the Commonwealth, Northern Virginia has excellent employment levels, with only a reported 3 percent of residents not working. Northern Virginia has returned to solid ground since the recession," he explained. "Our hope is that this continues."
Said NVAR CEO Ryan Conrad, "Congressional budget proposals do cause concern for a real estate-driven economy at both local and national levels. Yet, our housing market for October shows the seriousness of our local buyers who want to celebrate their holidays in new homes.
While our active listings are down some, we saw increases of contracts pending, showing that many buyers are making commitments now." In October, 645 new contracts were written which represents an increase of 21 percent from last year at this time, Conrad pointed out. Last October saw 532 new contracts ratified.
"Bottom line is that our region is still showing a stable and solid housing market," Conrad said. "We can't predict the future, but those are great trends for now."
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