Northern Virginia Real Estate Update and Stats for June 2013
The following is the latest MarketWatch video that details the June 2013 statistics for the Northern Virginia real estate market:
Here is a snapshot of the details:
- Nationally, job growth continues to be modest, but steady with 195,000 jobs added between May and June. Over the last 12 months, the US gained 2.3 million new jobs. Federal government employment continued to decline, however the US unemployment rate remains at 7.6%.
- Housing sales and prices are up nationwide, and while inventory is still low, it has seen growth in recent months.
- The region added about 14,000 jobs compared to 12 months ago. The unemployment rate in Northern VA increased to 4.3%, from 3.8% last month as more residents entered or re-entered the workforce than were hired, a trend frequently seen in summer months.
- Housing market performance picked up again in June. Sales were up 15% from a year ago, and we saw the highest sales total for any month since June 2006. New pending contracts were up 12% from this time last year, this represents the highest June total since 2005. There were 6,250 active listings in June, which was a 10.7% decline from June of last year. The total of homes for sale is now 72% lower than its June 2006 peak. Despite this steady decline, new listings are on the rise for the third consecutive month.
- There were almost 4,500 new listings in June, up 9.5% from this time last year.
- At $443,000 the median sales price is 8% higher than this time last year, this is also the highest median sales price the region has seen since August 2007.
- The median days on market is now 8 days, which is 9 days lower than this time last year, and the lowest level seen in 8 years.
- Summer is off to a strong start in Northern VA, sales and new contracts are up compared to this time last year and prices continue to rise.
- The inventory shortage is beginning to show signs of improvement as more and more sellers enter the market, possibly driven by higher prices. As summer continues, it’s likely the pace of sales will slow, in line with seasonal market patterns, possibly tempered by rising interest rates.
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