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Richmond, VA 23286-0572

Northern Virginia enjoys billion-dollar home sales in June

Northern Virginia's residential real estate market in June had a billion-dollar sales month. That's the first time in almost three years that the region's home sales have reached a billion dollars.

A total of $1.07 billion worth of real estate transactions closed in June, according to Metropolitan Regional Information Systems Inc., the area’s multiple-listing service. That’s a 9.3% increase over the $978.99 million logged last year, and is the highest one-month total since June 2007.

Increases in sales volume suggest that the region's real estate market is recovering. That's good news for homeowners, who may see the value and saleability of their properties increase.

Washington-area transit costs rising faster than ridership

Local transit companies in the Washington area are serving more riders, but the cost to run the services is rising. For example, the cost of running Metro has grown by at least 28% over a four-year period, more than five times faster than ridership grew during that time.

Access to reliable, affordable transit options is important to homeowners who commute within the metropolitan Washington area. Even homeowners who do not use the services themselves can benefit. The availability of public transportation can boost the attractiveness -- and sale price -- of nearby homes.

Read more in The Washington Examiner....

Posted on Thursday, July 8, 2010 - 9:24pm

Washington-area home prices continue upward trend

Home prices in the Washington area were 9.3% higher in May than they were the same month in 2009, perhaps evidence of a housing market recovery. That's according to real estate analytics company Clear Capital. Nationally, home prices were up 6.8%.

Washington-area prices have been improving over the four quarters according to Alex Villacorta, senior statistician for Clear Capital.

Another positive sign is that the percentage of bank-owned sales are dropping, according to Villacorta. For the period ending in May, bank sales accounted for 20% of all sales in the Washington area, vs. about 37% its worst levels, he said.

Read more in the Washington Examiner....

Posted on Friday, June 4, 2010 - 3:23pm

Washington, D.C.-area housing market perking up

The number of Washington-area homes for sale last month was down 25% from April 2008, according to the most recent data from the local Multiple Listing Service.

The supply has fallen in nearly all of the region's counties and cities since that time. It was down about 30% in Fairfax and Loudoun counties; and 55% in Prince William County, including Manassas and Manassas Park.

Experts say that the drop in the number of houses for sale will benefit homeowners by bring supply back in line with demand, stabilizing prices.

Report details needed upgrades to Virginia's highway traffic capacity

The American Association of State Highway and Transportation Officials has issued a report detailing what it feels are Virginia's highest road construction priorities.

Establishing tolls in Northern Virginia for drivers to use high occupancy lanes on Interstates 95/395 is at the top of the list. The lanes are needed to help ease congestion in regular traffic during peak traffic hours.

Second on the list of priorities: expanding the Midtown Tunnel, which connects southwest Norfolk and the northern tip of Portsmouth. It's the most heavily traveled two-land highway in Virginia. The project is in line to happen soon, according to state officials. Construction and maintenance of the improvements would be a combined public/private enterprise, and would be funded by tolls, estimated at $2 to $3 for cars and $6 to $9 for trucks.

Washington area home prices up from a decade ago

Homeowners in the Washington area have seen less impact from the recession on their property values than homeowners elsewhere in the nation, according to the latest S&P Case-Shiller Home Price Index. Homes prices in the area are 78% higher than they were in January 2000.

The local housing market has benefited from measured growth and lower unemployment rates than seen in much of the United States.

Census shows Washington area population is growing -- mostly in Virginia

New census statistics released Tuesday show the Washington area population growing in spite of the recession -- a sign that the tough economy has impacted it less than other places. Much of the growth is here in the commonwealth, which is good news for the Virginia housing market.

Loudoun County is the fifth fastest-growing county in the nation, with 301,000 residents -- a rise of almost 78% since 2000. Four other Virginia counties rate among the top 100 for growth: King George, Prince William, Stafford, and Spotsylvania.

Both the city of Alexandria and Arlington County grew by almost 7%, and the population in Prince William County was up 5%.

Unemployment remains high across Virginia

Unemployment rates in Virginia are still high -- bad news for the housing market, which has been slow and appears likely to remain so until people who want work can find it. Virginia homeowners have collectively seen billions in equity wiped out in this recession, and experts agree the market won't fully recover until jobless rate subsides. Read more below....

7,100 jobs lost in area in January (Richmond Times-Dispatch)
Area unemployment rises, following yearly trend (The Staunton News Leader)
Valley unemployment rate jumps to 8.6 percent (Northern Virginia Daily)
Local jobless rate soars (The Culpeper Star-Exponent)
Region's jobless rate jumps to 8% in January (The Daily Press)
City jobless rate at 21.6 percent (Martinsville Bulletin)
City unemployment rates jumps to 2-decade high (The Charlottesville Daily Progress)

Posted on Friday, March 19, 2010 - 10:34am

Northern Va. counties healthiest in the Commonwealth

A report from the Robert Wood Johnson Foundation and University of Wisconsin researchers says Northern Virginia is the healthiest region in the state. The report ranks areas by health factors such as obesity, and health outcomes, like life expectancy.

Loudoun County has the healthiest behavior, while Fairfax County does best in health outcomes.

Fairfax school officials trim $80 million from budget request

Fairfax County school officials decreased their budget request to county supervisors by $80 million Tuesday, asking instead that county supervisors maintain the same level of support provided this year.

Under the school board's budget, most summer school programs will be cut, funding for supplies and textbook is set to drop by 15%, and employee salaries will be frozen. Supervisors will hold budget hearings next month, when they are expected to adopt the $2.3 billion budget.