April Highlights:

• PRICES UP STRONG / NEW LISTINGS DOWN AGAIN
  
  
• Northern Virginia Home Prices UP 3.1%
  Median prices are near all-time highs
  
  
• Buyer Showings Near 2022 Levels
  Showings up 20% compared to 2019
  
  
• Listings DOWN 5% from March to April
  This compares to typically UP 11% last 5 years
  
  
• April Listings DOWN 42% vs. 5-year Average
  Number of homes sold Jan to Apr DOWN 31% (3,500 homes)
  
  
• "Discretionary Sellers" are Staying in Place
  
  
• Contract Ratio remains above 1.0 (seller-advantaged)
  
  
• Persistent Low Inventory at just 1 month
  
  
• Sellers See More Multiple Offers and Escalation
  Average Sold Price-to-List Price up from 101 to 102% (Mar to Apr)
  
  
• Buyers: Get Ready after Memorial Day!
  The market normally experiences an advantage shift toward buyers
  as showings peak for the year and begin to decline to year-end.
  
  
• Fed Raises to 5% in April (par with inflation) 
  
  
• Headline Inflation falls to 5%, up 0.4% from Mar to Apr
  Month-to-Month inflation needs to be flat to negative for several months to get back to the 1 to 2% target. In the mid-1930's, John Maynard Keynes addressed the economic phenomenon of "sticky wages and prices". Companies are resistant to reducing wages and prices. This may work against deflation and reaching 1 to 2%.
  
  
• Banking Concerns Hold Mortgage Rates in mid 6's