The DC regional housing market is strong. Closed sales and new pending sales were up 10% versus last April and half of April's homes sold were on market for only two weeks or less! This is the highest number of pending sales we've seen since July 2005.
Northern VA home prices continue to increase as the median home price in Fairfax County was $479,700 for April 2015, up 3.2% from April 2014.
Interest rates are rising. For the past 3 weeks interest rates have been creeping up, however they are still lower than they were this time last year and remain at historic lows. Experts are predicting they will continue to rise throughout 2015.
Overall activity is up this Spring, with lots of both buyers and sellers entering the market. This balanced activity has lead to a slowing of regional price growth. My opinion is that this month is a healthy balancing out of last months spring fever.
