Home sales in Northern Virginia decreased from September to October, but John Seggerman of Seggerman homes still sees strength in Northern Virginia's real estate market. He thinks this is simply a seasonal shift, which is to be expected, and the numbers still show strong year-over-year growth.
McLean, VA -- (ReleaseWire) -- 11/16/2015 --Home sales in Northern Virginia decreased from 3,402 in September to 3,053 in October - a 10 percent decline. This continued a pattern that began in July, when home sales dropped from their year-to-date peak of 4,927 in June to 4,571 in July.
Despite this pattern, John Seggerman of Seggerman Homes still sees strength in the Northern Virginia real estate market. He points to other data from George Mason University that shows growth in the Northern Virginia real estate market and explains that this downward trend in home sales is a normal seasonal shift.
When asked about the decline in home sales in the latter half of this year, John Seggerman first points to year-over-year data that shows solid growth in the market. He points out that every month this year has seen more home sales than the same month in 2014. Most recently, there were 3,053 homes sold in October 2015, compared to 2,955 in October 2014. An increase of 98 home sales in Northern Virginia might not seem significant, but it does show some growth.
Second, John Seggerman points out that there has been a recent increase in average home sale prices. Average home sale prices grew by 3 percent between August and October of this year, which is the highest increase since February.
"The Northern Virginia real estate market has seasonal shifts every year," John Seggerman says. "Market activity is tied to the school year, with the most activity occurring during the summer when kids are not in school. This recent drop in home sales is to be expected, but there are other signs that show the market for homes in Northern Virginia is still strong."
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