Monday, September 05, 2005

More signs of local housing market cooling

While I don't think the market in the area will 'burst,' prices will not keep rising like they have. The question becomes will D.C.'s revitalization continue if there is not as much return for an investor who might be buying and renovating. Will the gentraficating (is that a word?) areas keep gentrifying?

"FAIRFAX, Va. - Buyers, sellers and real estate agents in northern Virginia will be watching home sales after Labor Day to determine if the real estate bubble in their own backyard has finally burst.
Sales in Fairfax County dropped almost eight-percent in July compared to last year. In Arlington, they tumbled nearly 19-percent due to a sharp decline in condo sales. Only Prince William saw a modest three-percent rise."
Home Sales Down Compared to Last Summer - WTOP Radio :

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