Home sales in Northern Virginia in September plunged more than 30 percent compared to the same time last year, according to data released Wednesday by the Northern Virginia Association of Realtors.
Other parts of the Washington area saw similar steep declines, with condo sales in the District dropping by 29 percent and single-family home sales down 42 percent, according to data from the Greater Capital Area Association of Realtors. Montgomery County condo and single-family home sales fell by 36 and 42 percent, respectively, the organization said.
“[Area sales] were down this August over the last year, too, and down a lot, but not as much as they were in September,” said John McClain, a senior fellow at the George Mason Center for Regional Analysis.
The data from both groups, which are based on sales by Realtors, mostly reflect the sale of existing homes and condos and not new units.
The figures were released the same day the National Association of Realtors predicted a 10.8 percent decline in national home sales during 2007, revising downward its estimate –made only a month before – of an 8.6 percent drop for the year.
So far this year, home sales in Virginia are about 9 percent from 2006.
In the District, single-family home sales are down 13 percent for the year, while condo sales are actually up about 9 percent. Sales of both single-family homes and condos in Montgomery County are down almost 20 percent.
The D.C.-area numbers for September surprised regional analysts, who expected a much less drastic decline during a time when median home sales prices in the area were holding fairly steady and the number of active listings had fallen in most markets.
“I wouldn’t expect sales to be way down,” said Greg Leisch, CEO of local real estate research firm Delta Associates. “I would expect them to be down, but not way down. It seems the August credit crunch had a big impact on the home market.”
