- Gross Domestic Product (GDP) has grown on an average annual rate of 2.2% over the past three (3) years
- About 96,000 jobs were added in the month of August
- The National unemployment rate dropped to 8.1%; however, the unemployment rate for the Commonwealth of Virginia is 4.3%.
- The US economy has added about 1.8 million jobs over the past 12 months fueled by growth in the private sector
- On September 13th the Federal Reserve initiated a third round of mortgage backed securities purchases (also known as “Quantitative Easing”) and extended their commitment to continue to have low interest rates through mid 2015
- There were 3,050 closed sales which is up 9.7% compared to this time last year.
- This August there were 3,081 pending sales (homes under contract) which is up 7% compared to this time last year.
- Buyers are absorbing the homes for sale because the number of active listings are down by 25.7% or 6,310 compared to last August. This is the lowest number in eight (8) years!!
- The number of new listings was down slightly by 1/2% or 3,456.
- The tightening supply of homes for sales is driving UP the median sold price in Northern Virginia to $395,000.00 up 4.6% compared to August 2011.
- Homes are also selling faster with the median days on market being 22 days before the homeowner receives an offer on their home. This is a difference of 9 days compared to this time last year!
Credit: RBIntel a MRIS company
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