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Sun Gazette VOLUME 38
GREAT FALLS McLEAN OAKTON TYSONS VIENNA
NO. 49
AUGUST 24-30, 2017
Real-Estate Market Back to Pre-Recession Level
Survey Says: Bump Up in Sales Prices Helps Region, But Lack of Construction Is a Worry Buoyed by record-setting sales prices, the Washington real estate market now sits in a position slightly improved from its pre-recession normalcy, according to new data. The region’s overall housing market in the second quarter stood 4 percent above its before-the-recession average performance, according to new figures compiled by the National Association of Home Builders in conjunction with First American, a mortgage lender.
That puts the Washington area in the middle of the pack among the nearly 340 metro regions of the country, slightly above the national average of 2 percent higher than pre-recession norms. The “Leading Markets Index” uses three components – employment, housing prices and building permits – to analyze each market. And like most regions of the country, the D.C. area’s homes market has benefited from strong post-recession price increases, but is being held back by a
lack of new construction. While sales prices are running 74 percent above the pre-recession norm in the region, and employment nearly on par with what it had been a decade ago, the Washington region is seeing less than half the new-construction activity as it had prior to the economic downturn. (The metro area’s overall ranking of 1.04 – 4 percent higher than before the Continued on Page 25
Both Northern Virginia and the rest of the commonwealth saw a solid second quarter of the year in home sales and prices. See coverage on Page 21.
EYES TURN TO THE GRIDIRON
Oakton High School head football coach Jason Rowley talks to his players during a break at a recent morning-time practice. The Cougars open the 2017 season at home on Friday, Aug. 25 PHOTO BY DEB KOLT against the Battlefield Bobcats in non-conference action. Aug. 25 is the opening night of action for many local football teams.
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