MRIS Releases September Housing Statistics
MRIS, Oct. 15, 2007-Selling prices are flat throughout the Greater Washington DC Metro and the Greater Baltimore Metro regions, but Northern Virginia bucked the trend with positive numbers, according to September housing statistics released by MRIS. Click here for statistics.
Loudoun County saw its first increase in selling prices since May of 2006, with a rise of 4.44% in September. Selling prices in Fairfax County rose 2.45% for the same period, but the hugest gains were in Fauquier County, where the average selling price was up a whopping 23.59%.
It was a different story in the Maryland suburbs. Montgomery County showed its first negative numbers since the market began softening in 2006. Prices were also down in Howard, Harford, Anne Arundel, Prince Georges and Frederick Counties.
“Inventory is extremely high metro wide,” said John McClain, Senior Fellow at George Mason University’s School of Public Policy. “As long as inventory is so great, we’ll continue to see downward pressure on prices.”
McClain suspects the flattening is psychologically motivated, since sub prime mortgage woes are having minimal impact in this region. He says building permits are down region wide, which should help shrink the housing supply in the coming months.
For more information about this topic, see the “Tools for Success” article below.
Article was taken from RISMedia.
Loudoun County saw its first increase in selling prices since May of 2006, with a rise of 4.44% in September. Selling prices in Fairfax County rose 2.45% for the same period, but the hugest gains were in Fauquier County, where the average selling price was up a whopping 23.59%.
It was a different story in the Maryland suburbs. Montgomery County showed its first negative numbers since the market began softening in 2006. Prices were also down in Howard, Harford, Anne Arundel, Prince Georges and Frederick Counties.
“Inventory is extremely high metro wide,” said John McClain, Senior Fellow at George Mason University’s School of Public Policy. “As long as inventory is so great, we’ll continue to see downward pressure on prices.”
McClain suspects the flattening is psychologically motivated, since sub prime mortgage woes are having minimal impact in this region. He says building permits are down region wide, which should help shrink the housing supply in the coming months.
For more information about this topic, see the “Tools for Success” article below.
Article was taken from RISMedia.
posted by The Mother-Daughter Team at
1:17 PM
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