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Buyers, Sellers Brace for Headwinds from New Rules and Regs; 13 percent Hike in September Home Closings; Average Sales Prices Rise 3 Percent
Fairfax –“While having a 13 percent increase in September home sales is great, we believe that some of those homebuyers closed their deals to beat the new mortgage finance rules,” said Mary Bayat, “The new Consumer Financial Protection Bureau TILA-RESPA lending restrictions could affect banks, what they are willing to lend, and could create delays in closings. Our region’s average days on market rose to 54 days compared to 45 days in September 2014, which reflects that other buyers are in no rush.”
Pending sales have also increased nearly 11 percent, likely to accommodate those buyers who wanted their contracts in the pipeline prior to the ‘Know-Before-You-Owe’ October 3 start date of the new regulations, according to Bayat.
“Some home sellers have mixed reviews about the current market. It is great that average sales prices are up a little bit. The part that we feel in the market is ‘days on the market,’ which is up 20 percent.”
Some home sellers have mixed reviews about the current market. “It is great that average sales prices are up a little bit. The part that we feel in the market is ‘days on the market,’ which is up 20 percent,’ said Christine Richardson, a Weichert Realtors® agent in Great Falls. “The September sale price to list price ratio is down just a little. We Realtors® advise our clients to price their homes realistically. My motivated sellers are expressing some concern this month that if they don’t sell in October, there is a good chance they will have to wait until the spring.”
September 2015 Regional Home Sales Compared to September 2014: Northern Virginia
The Northern Virginia Association of Realtors® reports on September 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 1,631 homes sold in September 2015, a 13.19 percent increase over September 2014 home sales of 1,441.
Active listings continued to show an increase this month compared with 2014. Listings were up by about 9 percent over last year, with 5,819 active listings in September, compared with 5,331 homes available in September 2014. Homes took longer to sell this September than last year. The average number of days on market (DOM) for homes in September 2015 was 54 days, an increase of 20 percent compared to the 45 DOM for homes in September 2014.
The average sale price rose slightly this September, to $548,808. This is about a 3 percent increase compared to September 2014, when the average price was $532,934.
The median sold price of homes also increased this September, to $479,000.This is more than a 4 percent increase compared to the $460,000 median price in September one year ago.
The 1,730 new pending home sales in Northern Virginia in September is an increase of 10.54 percent compared with 1,565 pending contracts in September of last year.
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