August home sales decline but prices rise in Northern Virginia

Published September 12, 2014 by Robert Powell, III

The Northern Virginia Association of Realtors says the number of homes sold in its area in August dropped but sales prices rose in comparison with the same month a year ago.

A total of 1,804 homes were sold in August, a 12.09 percent decline from 2,052 sales in August 2013.

Average home sale prices in August rose 5.46 percent from last year to $562,499.

The median price during the month increased 2.13 percent to $480,000. The median price represents the midpoint, with half of total sales having higher prices and half having lower prices.

The figures reflect home sales in Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

The association said active listings in August rose 51 percent from last year to  4,986 homes.

The average days on market for homes this August was 42 days, up from 29 days in August last year.

The number of new pending home sales in August in the area, 1,632, represents a decline of 8 percent from the 1,771 contracts pending in August last year.