NAR Reports:
Affordability at Highest Levels
Source: Realtor.org, June 8, 2011

The cliché says that there has never been a better time to buy.  According to NAR Chief Economist Lawrence Yun, the hard data in the housing affordability index confirms that.  The affordability index, which takes into account median income, median home price, and mortgage rates, has been bouncing around in the 180 to 200 range since the beginning of this year – the highest reading since the index was first used in 1971.

Mortgage Rates Hold Steady at Yearly Low
Source: Inman News, June 16, 2011

“Mortgage rates leveled off this week at or near their lows for the year after declining for eight consecutive weeks, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.”

With 30-year fixed-rate mortgages at a 4.49 percent yearly low, applications for refinancing and home purchases are climbing, according to a Mortgage Bankers Association survey.

May 2011 Regional Home Sales

Northern Virginia: May 2011
The Northern Virginia Association of Realtors® reports on May 2011 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 1,677 homes sold in May 2011, an 18.12 percent decrease below May 2010 home sales of 2,048.

Active listings decreased by about 4 percent from last year, with 4,863 active listings in May, compared with 5,084 homes available in May 2010. The average days on market (DOM) for homes in May 2011 increased by about 36 percent to 53 days, compared with 39 days in May 2010.
 
Sales prices rose compared with those realized last year. The average sales price in May increased by almost 8 percent from May 2010, to $496,943, compared with last May’s average of $460,528.
 
The median price of homes sold in Northern Virginia also rose in May to $429,900, which is an increase of about 7 percent compared with May 2010’s median price of $400,000.

The number of new pending home sales in Northern Virginia in May showed an increase of about 33 percent at 2,224 compared to 1,684 new contracts pending in May 2010. 

Greater Northern Virginia: May 2011
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for May 2011 also shows a decrease from May 2010, with higher average sales prices.
 
The number of Greater Northern Virginia region homes sold in May was 2,799 a 21 percent decrease from May 2010’s total of 3,521 sales. New pending contracts increased, from 2,828 in May 2010 to 3,913 in May 2011, a 38 percent rise. 

The average sales price of $426,692 in May 2011 increased by about 5 percent over May 2010’s average sales price of $405,350.
 
Across Greater Northern Virginia, the number of listings varied only slightly, with 9,489 listings active, which is about 2 percent fewer than this time last year, when 9,645 homes were available. The average DOM for a home sold in May 2011 was 58 compared with last year’s 40 DOM, an increase of about 43 percent.

Information Courtsey of NORTHERN VIRGINIA ASSOCIATION OF REALTORS®

2011 Real Estate Prediction Coming Soon

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Kim Kroner is a real estate professional in Northern Virginia. She began purchasing properties for investment in 1995 and obtained a Master’s of Science (Organic Chemistry) in 1991, followed by Internet Technology in 1995. Currently, she works as a Real Estate Agent at a Keller Williams Realty Loudoun Gateway. She holds Real Estate Sales Professional license in the state of Virginia. She is a member of the National Association of Realtors and the Northern Virginia Association of Realtors. She has made many well written contributions to different websites and is an avid writer, with a passion for real estate and finance. Kim has been recognized by NVAR for her achievement in prestigious multimillion dollars sales club and is known for providing consumers with honest, down to earth, and unbiased real estate advice.

Kim is also a partner in several user-friendly real estate websites, featuring the expert advice on buying and selling real estate.

Kim is a workaholic and is rarely found relaxing. However, when she is not working, she can usually be found spending time with her dogs, washing her car, looking for deals on real estate, and dining in fine restaurants. Kim plans on returning to graduate school to pursue her law degree.

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