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Housing Market Edges Up As the Fed Considers an Interest Rate Hike; 8 percent increase in Sales Offset by Dip in Active Listings, compared to last May
Fairfax – Home sale closings climbed 8 percent in May, at 2,312 settlements, compared with last year, as the Northern Virginia spring market showed strength. This past month had the most sales in the NVAR footprint in the past three years compared to previous Mays. Affordable housing stock remains lean, with inventory at all price points continuing to be squeezed. Total active listings of 5,122 are down 10 percent compared to last year’s 55,672 check this number homes available. New contract activity rose nearly 6 percent with 746 new deals made in May 2015.
“With pending home sales up 4 percent, it appears that our region’s home sales activity will be sustainable.”
“With pending home sales up 4 percent, it appears that our region’s home sales activity will be sustainable,” said Virgil Frizzell, NVAR Chairman of the Board. “But there is still a consistent demand from clients needing lower priced housing, and this remains a challenge, especially in the busy spring season.” The continuation of low mortgage rates has helped sales. Frizzell explained, noting that the Federal Reserve’s recent report of an accelerating economy could make the case for a summer rate hike, though this may, again, be revised.
“In May, 48 percent of all homes sold in our region had signed contracts within 10 days,” said NVAR CEO Ryan Conrad. “So much of what makes a house sell quickly is its location, its condition, and the right asking price. Decisive buyers are out there, and they know that hesitating could mean losing both the right house and a low-rate mortgage.”
May 2016 Regional Home Sales Compared to May 2015:
The Northern Virginia Association of Realtors® reports on May 2016 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 2,312 homes sold in May 2016, an increase of about 8 percent above May 2015 home sales of 2,142.
Active listings decreased this month compared with 2015. Listings are down by about 10 percent below last year, with 5,122 active listings in May, compared with 5,672 homes available in May 2015. The average days on market (DOM) for homes in May 2016 was 38 days, an increase of 2.70 percent compared to the 37 DOM for homes in May 2015.
The average home sale price fell slightly, to $562,684. This is down 1.92 percent compared to May 2015, when the average price was $573,682.
The median sold price of homes this May, which was $505,000, rose by just .30 percent, compared to the median price of $503,500 in May 2015.
The 2,566 new pending home sales in Northern Virginia in May marks an increase of less than 1 percent compared with 2,550 pending contracts in May of last year. Total pending sales in May were up by 3.59 percent, to 3,633, compared with 3,507 pending contracts in May 2015.
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