With both home sales and prices up at the close of the second quarter in 2012, Loudoun County is still showing clear signs of continuous health and growth in its local housing market. Home sale volume went up by 28% compared with the first two quarters of 2011, according to The Loudoun Newsletter, as well as Loudoun County home prices and home values being on the upswing. Record-low mortgage rates could, in part, be an explanation for why prospective buyers have returned to the market and are purchasing Ashburn and Leesburg new homes for sale.
The recovery seen in the Loudoun County housing market reflects positive trends that are happening across the country. According to the National Association of Realtors (NAR), the second quarter showed that home prices rose in metropolitan areas, with the median existing single-family home prices rising in 110 out of 147 metropolitan statistical areas (MSAs) based on closings in the second quarter in comparison with the same quarter in 2011.
“It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners, says NAR chief economist, Lawrence Yun. “Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.” Yun goes on to say that he expects home prices to continue to increase in even more markets during upcoming quarters.