August Highlights:

• PRICES HOLD UP / BUYER SHOWINGS NEAR LOW
  
  
• Northern Virginia Home Prices UP 0.2%
  Median prices in all sub-markets remain at relative highs. Average price moves up to 3.1% in trailing 12 mos.
  
  
• Buyer Showings Tracking Near 2023 Low
  Between the typical summer pivot and a rise in interest rates, Buyer Showings operating below January levels.
  
  
• Listings DOWN 3% from July to August
  This compares to typically DOWN 7% last 5 years.
  
  
• August Listings DOWN 34% vs. 5-year Average
  Number of homes sold Jan to Aug DOWN 25% (6,600 homes).
  
  
• "Discretionary Sellers" are Staying in Place
  
  
• Contract Ratio falls to 0.91 (shift to buyers)
  
  
• Persistent Low Inventory at just 1 month
  
  
• Sellers See Fewer Offers, Less Escalation
  Average Sold Price-to-List Price falls 0.5% to 100.6% (Jul to Aug).
  
  
• Buyers: The Summer Pivot Continues
  As of the week ending September 10, there was a 33 pts spread between Listing and Showing movement. Seller listings are only 8% below the 2023 highs seen in April, while buyer showings are down 41%. It's certainly still a seller's market, but buyers are able to navigate with less competition than earlier in the year.
  
  
• No Fed Meeting in Aug: Fed Rate REMAINS at 5.25%
  Fed signals another increase later in 2023, and suggests holding rates at these levels for the next two years.
  
  
• Headline Inflation UP to 3.7%, UP 0.6% from Jul to Aug
  Reported yesterday, inflation accelerates for the second straight month rising to 3.7%. The Jul to Aug increase of 0.6% is the largest monthly increase since June 2022 when inflation topped at 9.1%. Inflation remains well above the Fed's 2% target they want to see sustained for several months before reducing rates.
  
  
• Mortgage Rates Hover at 7 to 7.25%
  Rates at relative highs continue to cut buyer purchasing power, consequently sidelining even more buyers at a time of year when showings are seasonally down.