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The Northern Virginia Association of Realtors (NVAR) has published the June housing statistics for Northern Virginia. The good news is that inventory is at low levels that are comparable to the previous two years when inventory was being snatched up by buyers trying to take advantage of the First Time Home Buyer’s Tax Credit. This low inventory is a big reason that the DC Metro area’s home values have not only stabilized but have even gone up in some areas. Lenders and loan servicers are once again processing foreclosures after last fall’s moratorium so there is a good chance that inventories will begin to rise again.
A lack of buyers continues to plague the local housing market. The number of sales this June is the lowest it’s been since the housing market took a nose dive.
Below is a chart that tracks inventory and sales since January 2006.
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