The DC regional housing market continues to see strong sales activity. Regional sales prices for May were the highest they have been (for May) in a decade. Increased listing activity has been met with enough buyers that days on market remain relatively low (regional median days on market for May was 12 days).
Northern VA home prices continue to increase as the median home price in Fairfax County was $497,000 for May 2015, up 4.6% from May 2014.
Interest rates are holding steady. Last month we saw them creeping up, and this week they are slightly down. Fortunately for buyers they are still lower than they were this time last year and remain at historic lows. With some good job numbers reported for April, experts are predicting that rate will rise throughout 2015 as we feel more stable about the national economy.
