See below. I hope we are not coming to this. The Shell gas station near my home is at $5.41 for a gallon of regular unleaded gas.....ouch!
See below. If you wait to buy a home---you will see higher home interest rates and an increased cost of homes (due to low inventory).
Conclusion. Home interest rates are going to continue to rise and so will homes. If you are thinking about buying---buy now!
See below. The CPI (Consumer Price Index) is now 8.6%. A little over one year ago the CPI was 1.4%.
See below. The PPI (Producer Price Index) is now 10.8%. The PPI is what producers/manufacturers pay for raw materials. It takes about 2 months for the PPI inflation number of 10.8% to be shown in our CPI (Consumer Price Index).
Tobin's comment. This is proof our current CPI inflation will continue to go up. CPI currently at 8.6%.
See chart below: NORTHERN VIRGINIA has very low inventory of homes for sale. 5+ year low of home inventory. (Tobin's note, NORTHERN VIRGINIA a Seller's market).
See "gold" and "orange" dials below.SUMMARY: Seller's Market.
See chart below. NORTHERN VIRGINIA home price has risen so much in past 2 years---NORTHERN VIRGINIA home prices are almost same as WASHINGTON DC home prices.
Now 9.5% annual appreciation of homes in NORTHERN VIRGINIA.
Note: inflation for previous 12 months was 8.6%.
Producer price index (PPI) up 10.8%---ouch.
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 105 zip codes/communities in NORTHERN VA experienced an increase in appreciation of 9.5% in past 12 months.
Inflation is 8.6%.
Past monthly, Housing statistics for Northern Virginia, Maryland and DC can be found at: www.DMVhousingStats.comarchive goes back several years.
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TOBIN SEVEN, Principal Broker (Realtor) / Army Veteran --- Licensed in Virginia, DC and Maryland. Eagle Scout.
SEVEN REAL ESTATE ASSOCIATES LLC is Veteran Owned and Operated.
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