NVAR Homes Sold Numbers For July Are One Part of the Big Economic Recovery Picture
Housing is On The Rise: But Other Aspects Of The Economy Need to Rise, Too
Fairfax, Virginia – August 12, 2013 – (RealEstateRama) — Jobs. Housing. Both factors are the foundation of our ever-so-slowly recovering economy, according to Wall Street Journal reporter Ben Casselman. “The combination of steady job growth and a suddenly buoyant housing market helped households shake off the effects of tax increases that took effect in January,” he wrote in his July 31 WSJ blog post, “What Drove GDP Growth?”
“So far, both trends have held steady; data over the past two weeks have suggested the housing recovery remains on track, and the payroll firm ADP on Wednesday said the private sector added 200,000 jobs in July,” he wrote.
While these two economic indices are good, it does not tell the recovery’s whole story. As a result of the Federal Reserve’s recent meeting, its members called both the nation’s economic growth and recovery “moderate.”
While July had favorable local housing statistics, it takes improvement in broad economic factors – such as business and marketplace realities – to create the highly sustainable recovery trend needed.
However, on the local level, NVAR sees Northern Virginia data as supporting our region’s solidity, even in the shadow of the 2013 tax hikes and government-mandated sequestration.
“July numbers reflect the truly incredible growth we experienced in Northern Virginia this year,” said Jon Wolford, NVAR Chairman of the Board. “It is most exciting that new listings entered on the market were up 27 percent from one year ago in July.
“More and more home owners are gaining the equity they need to buy their next home,” he said. “The growing inventory is providing more opportunities for buyers waiting in the wings, and as long as Congress acts in steady measured steps, real estate will continue to drive the economy forward.”
Our region is poised to sustain this growth as long as the adverse impact of higher mortgage rates does not sideline new buyers to enter the housing market. Those rates may create a chilling effect on investors, which can lead to opportunities for families and individuals who are ready front and center to buy
NVAR July data show numbers pointing toward a 24 percent increase in sales compared to last year. A nearly 7 percent increase in the average sales price, a similar increase in the median sales price, and the year-to-date average sales price of almost 8 percent above the 2012 YTD average are positive signs in this region.
July 2013 Regional Home Sales: Northern Virginia
The Northern Virginia Association of Realtors® reports on July 2013 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 2,146 homes sold in July 2013, a 16 percent increase above July 2012 home sales of 1,848.
Active listings decreased by 7 percent from last year, with 3,272 active listings in July, compared with 3,521 homes available in July 2012. The average days on market (DOM) for homes in July 2013 decreased by about 43 percent to just 25 days, compared with 44 days in July 2012.
Prices rose this past July, with the average sales price up by 7percent to $556,869, compared to last July’s average of $520,519.
The median price of July homes sold in Northern Virginia rose by 6.8 percent to $489,950, compared with last year’s median price of $458,750.
The number of new pending home sales in Northern Virginia in July increased by 10 percent to 2,066 compared with 1,874 new contracts pending last year.
July 2013 NVAR statistics can be found here:
http://go.nvar.com/July2013Stats
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The Northern Virginia Association of REALTORS® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more.
The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the REALTOR® Code of Ethics and to promote the preservation of the right to own, transfer and use real property.
NVAR has grown to about 10,000 REALTORS® who carry out an $11 billion real estate industry in a community of more than 2 million residents.
Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com.
Contact the Northern Virginia Association of REALTORS® at 703.207.3200.
The NVAR headquarters is located at 8407 Pennell Street, Fairfax, VA 22031, with a satellite service center in Herndon.
Contacts:
Jill M. Landsman, Vice President, Communications & Media Relations
703.207.3226 or jlandsman (at) nvar (dot) com
Ann Gutkin, Manager, Communications & Media Relations
703.207.3216 or agutkin (at) nvar (dot) com
