N.Va. home appreciation rate

This home in the 11000 block of Rolling Meadow Drive in Great Falls recently was on the market, listed at $1,750,000 by Dianne Van Volkenburg of Long & Foster Real Estate.

An increase in sales prices was offset by a decline in overall transactions, leaving the Fairfax County real-estate market in negative year-over-year territory to close out the first half of the year.

Homes that went to closing in June totaled 1,765, down 6 percent from 1,878 a year before, according to figures reported July 11 by MarketStats by ShowingTime.

Sales may have been held back by a lack of inventory, which, while not as constrained as in inner suburbs like Arlington and Alexandria, was running about 18 percent below last year, with 2,334 properties on the market across Fairfax at the end of the June.

Home prices were up, and relatively uniformly, in all three segments of the market:

• The average sales price of a single-family home in June was $768,220, up 4.2 percent.

• The average price of an attached home, such as a townhouse or rowhouse, was up 5.3 percent to $429,767.

• The average price of a condominium was up 6.4 percent to $325,493.

A total of 147 properties changed hands for more than $1 million during the month.

Add up the sales and average prices, and the total Fairfax sales volume of $1.091 billion for June was down 1.8 percent from a year before.

Homes that went to closing in June garnered 99.3 percent of original listing price, up from 99.1 percent a year before, and spent an average of 31 days on the market, an improvement from 44 days needed a year ago.

Of homes that sold during the month, conventional mortgages represented the method of transacting sales in 1,268 cases, followed by VA-backed loans (231) and cash (135).

Where is the market headed? Signs point higher, with the number of homes coming under contract during the month way up from a year before and the total number of pending sales up slightly.

Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.

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