Interest Rates Are Not Holding Buyers Back – Home Prices Climb to New High
July and August are historically marked with a downturn in buyer and seller activity – meaning, a decline in new listings, showings, and contracts. The DC Metro has shown some signs of a return to seasonal trends, but in other ways, it continues to surprise leading economists.
DC Metro Price Rebound
Prices in metro areas and close-in suburbs experienced modest price growth or slightly fell. Suburban communities, on the other hand, reported very strong price growth. With rates breaching 7%, buyers are expanding their search to the suburbs, where their dollar goes a little farther.
Fairfax and Loudoun County both experienced tremendous price gains this past month. Fairfax saw an +8.0% increase year-over-year, placing its median sales price at $730,000, while Loudoun reported a +3.6% increase at $710,000. Arlington saw a –3.0% decline, but its median sales price is still staunchly above $700k market at $716,000. Overall, the median home price in the region is nearly 30% higher than it was in 2019, which puts tremendous pressure on affordability.
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