{"id":3262,"date":"2022-07-29T13:45:09","date_gmt":"2022-07-29T17:45:09","guid":{"rendered":"https:\/\/dominicksellshomes.com\/?p=3262"},"modified":"2022-07-29T13:45:09","modified_gmt":"2022-07-29T17:45:09","slug":"the-real-market-update-19","status":"publish","type":"post","link":"https:\/\/dominicksellshomes.com\/2022\/07\/29\/the-real-market-update-19\/","title":{"rendered":"The REAL Market Update"},"content":{"rendered":"

\"\"<\/a><\/p>\n

The anecdotal evidence from my brokerage firm and the data continue to tell the story of a still robust Northern Virginia market but one that is moderating.\u00a0 Inventory this week is up to 3,824 homes.\u00a0 Slightly better than 2021 which was at 3,571.\u00a0 \u00a0But home sales themselves have taken a DEEP dive year over year.\u00a0 \u00a0Home sales in June were 3,871 units.\u00a0 Compare that to 2021 when we had 5,227 units and you are looking at a 26% decline in sales!\u00a0 \u00a0Those are still robust numbers but starkly demonstrate\u00a0the retreat from the craziness of the first part of the year.<\/p>\n

Median Days on Market is still a healthy 10 days, and we are looking at less than a 1.5 months supply of homes on the market.<\/p>\n

We are seeing a lot of daunting economic news coming out on a pretty much weekly basis that is impacting the buying mentality.\u00a0 The economy shrank for a 2nd straight quarter which is the traditional definition of a recession, though the administration is trying to redefine the term!\u00a0 Frankly though it is an odd recession.\u00a0 This one has some positive forces the last couple have lacked, but also some egregious\u00a0ones those did not, particularly inflation, which continues to erode wages, savings, and destroy the budgets of those least able to bear up under it.\u00a0 \u00a0The good news on the real estate front is that I believe after the shock of these factors are absorbed and analyzed, buyers will be back in the game as they realize that real estate, especially Northern Virginia real estate, is perhaps their best hedge against inflation.<\/p>\n

One other point that I still see being misread.\u00a0 That is the relationship between the FED’s actions on the Federal Funds Rate and long term mortgage rates.\u00a0 While they occasionally\u00a0correlate there is NOT a causal relationship.\u00a0 In point of fact rates have fallen since the June\u00a0increase.\u00a0 So don’t panic when you see the FED “raising rates”.\u00a0 Call me for a more in depth discussion, and about what they mean for you as a buyer or seller.\u00a0 In fact, reach out to me about anything even tangentially related to real estate and we’ll get you taken care of.<\/p>\n

It’s a good life.<\/p>\n

Chris<\/p>\n","protected":false},"excerpt":{"rendered":"

The anecdotal evidence from my brokerage firm and the data continue to tell the story of a still robust Northern Virginia market but one that is moderating.\u00a0 Inventory this week is up to 3,824 homes.\u00a0 Slightly better than 2021 which was at 3,571.\u00a0 \u00a0But home sales themselves have taken a DEEP dive year […]<\/p>\n","protected":false},"author":2,"featured_media":2420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,10],"tags":[],"yoast_head":"\nThe REAL Market Update - Christopher Dominick Real Estate Broker<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicksellshomes.com\/2022\/07\/29\/the-real-market-update-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The REAL Market Update - Christopher Dominick Real Estate Broker\" \/>\n<meta property=\"og:description\" content=\"The anecdotal evidence from my brokerage firm and the data continue to tell the story of a still robust Northern Virginia market but one that is moderating.\u00a0 Inventory this week is up to 3,824 homes.\u00a0 Slightly better than 2021 which was at 3,571.\u00a0 \u00a0But home sales themselves have taken a DEEP dive year […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dominicksellshomes.com\/2022\/07\/29\/the-real-market-update-19\/\" \/>\n<meta property=\"og:site_name\" content=\"Christopher Dominick Real Estate Broker\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-29T17:45:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dominicksellshomes.com\/wp-content\/uploads\/2020\/07\/Real-Market-Update.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1513\" \/>\n\t<meta property=\"og:image:height\" content=\"885\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Chris Dominick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chris Dominick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dominicksellshomes.com\/2022\/07\/29\/the-real-market-update-19\/\",\"url\":\"https:\/\/dominicksellshomes.com\/2022\/07\/29\/the-real-market-update-19\/\",\"name\":\"The REAL Market Update - 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