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June Northern Virginia Housing Market Shows 17 Percent Increase in Sales, Moderation of Sales Prices;
14 Percent Increase in Sales-to-Come
Buyers act to beat looming interest rate hike
Fairfax –The Northern Virginia housing market in June reflects a flurry of buyer activity with a 17 percent increase in homes sold, compared to activity in June 2014.
Nationally, sustained job creation, lower FHA monthly mortgage insurance premium rates and the availability of 3 percent down payment for loans backed by Fannie Mae and Freddie Mac are likely underpinning the improved market confidence, according to the National Association of Realtors®.
“Our month’s supply of homes rose slightly, and average and median prices, which remained the same as last year, show the stability in our market.”
“June concludes our spring real estate season, and buyers and sellers negotiated on properties 2,543 times in the Northern Virginia Association of Realtors® area,” said NVAR Chair Mary Bayat. “We take pride in calling this past season a success for buyers and most sellers. Even our pending sales rose 14 percent, which is the sign of closings to come. We know that correct pricing and conditions continue to be determining factors about whether a home sells or does not.
“Our month’s supply of homes rose slightly, and average and median prices, which remained the same as last year, show the stability in our market,” she continued. “With interest rates likely to creep up this next quarter, buyers now get more house for their mortgage dollar.”
At this time, the NVAR region has a 2.25 months’ supply of homes, which is an increase of 2.6 percent compared to the 2.2 months’ supply in June of last year.
June 2015 Regional Home Sales Compared to June 2014: Northern Virginia
The Northern Virginia Association of Realtors® reports on June 2015 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,543 homes sold in June 2015, a 16.97 percent increase over June 2014 home sales of 2,174.
Active listings continued to show an increase this month compared with 2014. Listings were up by about 20 percent over last year, with 5,733 active listings in June, compared with 4,777 homes available in June 2014. Homes took slightly longer to sell this June than last year. The average number of days on market (DOM) for homes in June 2015 was 36 days, an increase of 20 percent compared to the 30 DOM for homes in June 2014.
The average home sale price held steady this June, at $577,783. This is a less than 1 percent decrease compared to June 2014, when the average price was $580,013.
The median sale price of homes was also stable this June, at $509,000. This is less than 1 percent above the June 2014 median price of $505,000.
The 2,326 new pending home sales in Northern Virginia in June is an increase of 13.63 percent compared with 2,047 pending contracts in June of last year.
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