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While nationwide home inventory was down nearly 20%, the Northern Virginia Association of Realtors reported that inventory is up 31% for the region. However, weekly showings in Northern Virginia toward the end of June revealed a noticeable dip in activity, according to the association.
“The regional housing market continues its ascent—again at a higher clip than nationally—and we have more homes to sell. Towards the end of June, we did see some softening, which likely is related to vacations,” explained Ryan McLaughlin, CEO, Northern Virginia Association of Realtors. “We will be watching to see what happens as forbearance winds down for more people. Our local market is hungry for inventory, and these will probably get absorbed rapidly, muting the market impact here more than other parts of the nation.”
The NVAR reported that in June, Northern Virginia—which includes counties and cities right outside Washington, DC—had its highest number of closed transactions since 2005, home sales rose 48% over the number of closed transactions in June of 2020 and 12% above the number of home sales this past May.
Additionally, these figures represent a 28% increase over 2019 June sales. In contrast, nationally the figure was 23% over June 2020 and 1.4% over May.
Home prices are on the rise in Northern Virginia, up 14.6% over last year to $741,574 year, according to the report. There were 3,610 new listings in June, 37.4% above the 2,628 new listings last year and 4.6% higher than the 3,452 new listings in May. Homes continued to remain on the market for a very short period of time – just 13 days, lower than the national average of 17 days.