Northern Virginia's September 2011 housing sales were down 7.4% YoY, and median prices were up 3.6% to $362,450. The average days on the market increased by 15% to 60 days.
(The above statistics include Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Fauquier County, Loudoun County, Manassas City, Manassas Park City, and Prince William County).
Tuesday, October 11, 2011
Northern Virginia's September Housing Sales
Posted by Harriet at 11:59 PM
Labels: september housing sales mris
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8 comments:
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SO volume is sliding, while prices increse.
sounds like a local maximum.
Ugh - looks like you're getting spammed today. Here's a "cost of commuting" article I recently found - just seemed like something folks here could be interested in as an adjunct to close-in vs. exurbs discussions
The true cost of commuting
pat,
I figured that you would be out "occupying" something? Anyway, YOY inventory is down 10%. What's your take on that?
"pat said...
SO volume is sliding, while prices increse. sounds like a local maximum."
Could be.
OR, could be the result of sliding inventory, as was the case in 1996 (even though priced bottomed 4 years earlier). Turns out, it gets harder and harder to increase volume when there are less and less houses to sell.
No as to a "local maximum" a smart blogger once said "its the inventory stupid" meaning that the sliding volume AND exploding inventory in 2005 and 2006 was a sign of trouble ahead.
Still, even though current inventory is at or near a multiple year low, it very well could be a sign of a "local maximum". While falling inventory has never been known as a sign of a local maximum before, it very well could be different this time.
anon
the way i see it. There is something called the law of supply and demand.
As Prices increase, Demand falls off.
Now Price is viewed two ways. 1) Sellers price, 2) Buyers cost.
So the Fed has tried to decouple those with really cheap mortgages.
Cheap interest lets sellers get a high price and buyers a lower payment.
Well, now we have the end game. Interest rates have sat at zero in real terms, the buyer pool is exhausted. Fewer buyers at that price.
Now all that said, the banks are ramping up foreclosures, so, supply and inventory may well increase.
"Pat said...As Prices increase, Demand falls off."
Thats a little ham fisted isnt it. After all, from 1974-2006 home prices increased...constantly...Yet, was 1974 the high point in sales?
The other, (and more conceptually correct) portion of the rule is that if supply decreases, and demand decreases at a lesser rate, there is increased scarcity, hence higher prices. That is what we see now. End of story.
Now, if we see a rising supply, and a falling demand or rising (but at a lesser rate) demand, its fair to say it could be a "local peak". Until then, its just wishful thinking.
The sales was quite really different from the previous month, and I hope it gets better on the following months for their real estate course as well to flourish.
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