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July Home Sales Spike 19 Percent; Active Listings Up 18 Percent; Modest Recovery Continues
Fairfax –The Northern Virginia housing market in July reflects a flurry of buyer activity with a 19 percent increase in homes sold, compared to activity in July 2014. With 2,322 homes that sold in the Northern Virginia Association of Realtors® region, this is 368 more sales than this time last year.
“While no one thinks the economic recovery is taking off with lightning speed, we see this modest economic recovery continuing,” said NVAR Chair Mary Bayat.
Noting that our region has a 4 percent unemployment rate, the stable local economy helps our housing market stay active, Bayat pointed out. “The upcoming interest rate increase by the Federal Reserve is a reflection of economic stability. Some banks are loosening criteria for jumbo loans, often used in our region.
“The upcoming interest rate increase by the Federal Reserve is a reflection of economic stability. Some banks are loosening criteria for jumbo loans, often used in our region.”
“In July, active listings are up 19 percent over last July with pending contracts up 9 percent. While buyers and sellers have been striking deals, our Achilles heel is our month’s supply of homes, which remains at about 2.5 months.” An absorption rate of six months of home sales is often cited as the baseline in real estate.
July 2015 Regional Home Sales Compared to July 2014: Northern Virginia
The Northern Virginia Association of Realtors® reports on July 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 2,322 homes sold in July 2015, an 18.83 percent increase over July 2014 home sales of 1,954.
Active listings continued to show an increase this month compared with 2014. Listings were up by about 18 percent over last year, with 5,863 active listings in July, compared with 4,951 homes available in July 2014. Homes took slightly longer to sell this July than last year. The average days on market (DOM) for homes in July 2015 was 40 days, an increase of about 18 percent compared to the 34 DOM for homes in July 2014.
The average home sale price held steady this July, at $566,558. This is a less than 1 percent increase compared to July 2014, when the average price was $563,799.
The median sold price of homes rose slightly this July, to $499,900.This is 2.33 percent above the July 2014 median price of $488,500.
The 1,960 new pending home sales in Northern Virginia in July is an increase of 9.01 percent compared with 1,798 pending contracts in July of last year.
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