It can be hard to decipher just what really is happening in the real estate market these days. Recent housing news is all panic and doom about July home sales being down X% and so on. As always, there’s more to the story.
While home sales are definitely down in our sluggish national economy, conditions vary by region and market – real estate is local, so goes the saying. For example, in northern Virginia (Fairfax County to be specific), the median sold price is up 14% from last July ($440,000 vs $386,500). And active inventory (the number of homes for sale) is down 15% from a year ago (see Long and Foster’s Market Minute report for Fairfax Co.).
It’s important to keep the national news in context. The bottom line is you just can’t paint the real estate picture with a broad national brush.
Find the Market Minute report for your market/area of interest. Long and Foster publishes county-by-county (and neighborhood-by-neighborhood in DC) reports every month.
Photo credit by Thomas R. Koll