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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Prices of single-family homes rise across Northern VA in latest data
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In the News!
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Date: July 11, 2014 09:15AM
Prices of single-family homes rise across N.Va. in latest data
http://www.insidenova.com/news/arlington/prices-of-single-family-homes-rise-across-n-va-in/article_6cedc592-08f0-11e4-9b7e-001a4bcf887a.html
A rise in the average sales price of single-family homes was about the only good news in the June Northern Virginia home-sales report.
The bad news? Overall sales were down, pending transactions were off, it took longer for homes to sell, and inventory – once considered to be too low – was building up to levels not easily absorbed in coming months.
Sales of residential properties in June totaled 2,174, down 12.9 percent from the 2,496 homes that went to closing a year before, according to figures reported July 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service.
Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.
The average sales price was up just under 3 percent to $580,013, but only the single-family market was showing upward movement. Single-family homes saw an average sales price of $755,148, up 5.7 percent.
The other two segments of the market posted declines:
• The average sales price of attached homes, such as townhouses and rowhouses, declined 2.2 percent to $409,332.
• The average sales price of condominiums declined 6 percent to $328,441.
The median sales price of all homes that sold was $505,000, an increase of 1 percent. The median is the point at which half of homes sell for more, half for less.
The total sales volume for June stood at $1.26 billion million, down 10.3 percent from the $1.41 billion reported a year before.
Homes that sold in April spent an average of 30 days between listing and ratified sales contract, up from 24 days a year before. Properties that went to close garnered 98.2 percent of original listing price, down from 99 percent
Of homes that sold during the month, conventional mortgages represented the means of transacting the sale in 1,455 cases, followed by, VA-backed loans (274), cash (269) and FHA-backed mortgages (127).
At the end of the month, there were 4,779 properties on the market across the region, up 47 percent from the 3,247 homes available to prospective purchasers a year before.New listings coming onto the market in June were up 11.2 from a year before.
Where is the market headed? The number of pending sales and homes under contract were down in June from a year before, suggesting the softness that has been the hallmark of the local market for much of 2014 may continue into autumn.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
http://www.insidenova.com/news/arlington/prices-of-single-family-homes-rise-across-n-va-in/article_6cedc592-08f0-11e4-9b7e-001a4bcf887a.html
A rise in the average sales price of single-family homes was about the only good news in the June Northern Virginia home-sales report.
The bad news? Overall sales were down, pending transactions were off, it took longer for homes to sell, and inventory – once considered to be too low – was building up to levels not easily absorbed in coming months.
Sales of residential properties in June totaled 2,174, down 12.9 percent from the 2,496 homes that went to closing a year before, according to figures reported July 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service.
Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.
The average sales price was up just under 3 percent to $580,013, but only the single-family market was showing upward movement. Single-family homes saw an average sales price of $755,148, up 5.7 percent.
The other two segments of the market posted declines:
• The average sales price of attached homes, such as townhouses and rowhouses, declined 2.2 percent to $409,332.
• The average sales price of condominiums declined 6 percent to $328,441.
The median sales price of all homes that sold was $505,000, an increase of 1 percent. The median is the point at which half of homes sell for more, half for less.
The total sales volume for June stood at $1.26 billion million, down 10.3 percent from the $1.41 billion reported a year before.
Homes that sold in April spent an average of 30 days between listing and ratified sales contract, up from 24 days a year before. Properties that went to close garnered 98.2 percent of original listing price, down from 99 percent
Of homes that sold during the month, conventional mortgages represented the means of transacting the sale in 1,455 cases, followed by, VA-backed loans (274), cash (269) and FHA-backed mortgages (127).
At the end of the month, there were 4,779 properties on the market across the region, up 47 percent from the 3,247 homes available to prospective purchasers a year before.New listings coming onto the market in June were up 11.2 from a year before.
Where is the market headed? The number of pending sales and homes under contract were down in June from a year before, suggesting the softness that has been the hallmark of the local market for much of 2014 may continue into autumn.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.