Home Prices RISE for the 1st time in two years!

For the 13th consecutive month, the number of homes sold has risen each month compared to the number of homes sold in the same month a year ago. In fact, two of the most hardly hit counties surrounding the Washington Metropolitan area, saw a rise the price of homes for the first time in over 2 years. In August 2009, prices rose 5.9% in Loudoun County from the same time last year and it currently holds the first home price increase in the county sense 2007. The second county, Prince William County, saw prices climb 2.5% since exactly a year ago, which is the first time the county has seen a price increase since the summer of 2006.

The statistics of these two counties and many other counties around the nation on average give optimism for stabilization in the housing market. Many economists predict that this past quarter will show the first signs of stabilization in the market nationwide reflecting in the GDP numbers for the United States.


With average number of homes listed in Northern Virginia dropping 28.8% in August 2009 from August 2008, and the supply of homes listed for sale in the area has shrunk to amounts that have not been seen since January 2006; it is hopeful that buyers and sellers will be a large step closer to being on the same page when it comes to naming a price.

To read the full article from The Washington Post, click here.