February 2008 Housing Data
Northern Virginia: February 2008
The Northern Virginia Association of REALTORS® reports on February 2008 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 969 homes sold in February 2008, about 33 percent less than February 2007 home sales of 1,462. At the end of February, there were 1,526 sales contracts pending.
Active listings increased by about 40 percent from last year, standing at 9,497 active listings in February, compared to 6,775 homes available in February 2007. Homes continue to take longer to sell, with the average Northern Virginia home in February 2008 staying on the market for 116 days, compared with 108 days on the market (DOM) in February 2007, an increase of about 7 percent.
The average sales price in February 2008 fell by 5.07 percent from last year, to $479,320, compared with last Februaryâs average of $504,943.
The median price of a home sold in Northern Virginia in February was $410,500, which is a decline of 8.57 percent compared to February 2007âs median price of $449,000.
Greater Northern Virginia: February 2008
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for February 2008 continued to show a decline.
Greater Northern Virginia sales data for the beginning of 2008 continues to reflect a higher inventory, continued price decline and an increase in DOM. The average sales price of $420,540 in February 2008 was about 12 percent below the February 2007 average sales price of $477,879.
The number of Greater Northern Virginia region homes sold in February was 1,730, about a 27 percent decline from February 2007's total of 2,354 sales.
Across Greater Northern Virginia, 21,528 listings are active, which is about 34 percent greater than this time last year, when 16,031 homes were available. The average DOM for a home sold in February 2008 was 121 compared to last year's 117 DOM.
HUD Releases New FHA, Conforming Loan Limits
The U.S. Department of Housing and Urban Development published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. New loan limits for FHA and Fannie Mae and Freddie Mac are now set at $729,750 for the Northern Virginia region. In a March 6 press release, NAR reported it "expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages."
Information deemed reliable, but not guaranteed.