Tobin's NOTE: inflation is running at an annual rate of 9.1%. Despite what the Government says---I am seeing a recession in the housing market. Home prices are still increasing (unless you are in DC---where they are negative), however, annual appreciation has slowed a lot. For the first time in 2 years, my Buyers are able to ask for help with closing costs and we are able to do a full Home Inspection (and ask for repairs). It is becoming a BUYER's market.
Tobin's NOTE: Median price of home today in NORTHERN VIRGINIA is $640,000. A 6.1% annual increase.
Same home 12 months ago would have cost $603,011.
You paid $3,082 a month extra, to buy same home, you saw 12 months previously.
TOBIN SEVEN, Principal Broker, Army Veteran.
Licensed in Virginia, Maryland and DC. Eagle Scout
SEVEN REAL ESTATE ASSOCIATES
Veteran Owned and Operated.
Cell (703) 327-6800
Below, are links to useful Housing information. For DMV (DC, Maryland and Virginia).
Archiveof past monthly reports for Northern VA, Maryland and DC.
See below. Inflation rate, by month---now 9.1%.....ouch!
See below. More homes are coming on the market. Good news for Buyers.
See below. Interesting information. In past 6 recessions---mortgage rates go down. Let's see if that holds true for the recession we are in now.
See chart below: NORTHERN VIRGINIA for the first time in 2-years---is seeing an increase in the inventory of homes for sale.
See "gold" and "orange" dials below.SUMMARY: Buyer's Market.
See chart below. NORTHERN VIRGINIA home price appreciation is slowing. Great time to buy a home.
Producer price index (PPI) up 11.3%---ouch. PPI is a predictor of future Consumer Price Index rise.
CPI (consumer price index) is 9.1%.
See chart below. NORTHERN VIRGINIA saw a decrease in number of homes sold this year when compared to 2021. Why? Buyer's are sitting on sidelines and are not buying.
See chart below---by Zip Code and Corresponding City
The 103 zip codes/communities in NORTHERN VIRGINIA experienced a REDUCTION in appreciation. Annual appreciation now at 6.1% in past 12 months. In May annual appreciation was 9.5%
Inflation is 9.1%. CPI
Producer Price Index is 11.3% PPI
Past monthly, Housing statistics for Northern Virginia, Maryland and DC can be found at: www.DMVhousingStats.comarchive goes back several years.
NEW. See to the right. Looking for recipes of food to make? Latest home improvement and designer tips? 6 times a year, Tobin offers a high quality 30+ page magazine.Download pdfof latest magazine. Download is safe.
SUMMER edition. See below. 24-page FREE booklet on important things to consider when BUYING a home. Click hereto download pdf 24-page booklet. Download is safe.
SUMMER edition. See below. 23-page FREE booklet on important things to consider when SELLING a house.Click hereto download pdf 20-page booklet. Download is safe.
TOBIN SEVEN, Principal Broker (Realtor) / Army Veteran --- Licensed in Virginia, DC and Maryland. Eagle Scout.
SEVEN REAL ESTATE ASSOCIATES® is Veteran Owned and Operated.
Voted Top 8%of all Real Estate Agents in USA (2022 - 2018)