Home-buyer enthusiasm across the region has cooled even as the thermometer has risen, but Northern Virginia jurisdictions continued to see solid, if easing, buyer demand in July, according to new data.
The regional T3 Home Demand Index, which uses a number of factors to track buyer interest, fell from 120 in June to 110 across the Washington region in July, at the very bottom of the “Moderate” level of activity, and was down from a score of 123 a year ago.
The index, created by the Mid-Atlantic multiple-listing service Bright MLS, attempts to provide a forward-looking inkling of the state of the market, based on activity such as home showings, settling on monthly scores for the Washington region’s overall homes market all the way down to the ZIP-code level.
After peaking in April, the T3 score has declined owing to affordability, interest-rate and broader economic fears.
“Demand for all types of homes in the Washington metropolitan area fell over the month,” Bright MLS said in parsing the July data.
The biggest dropoffs were found in the upper-end single-family and condominium markets, but those sectors simultaneously retained the strongest buyer interest compared to other types.
Inventory of homes on the market for the month ranged from 1.6 months (still in pro-seller territory) for mid-priced homes to 3.3 months for upper-end condos (tilting toward buyers).
Arlington led all jurisdictions with a T3 score of 198, down from 208 a month before but suggesting buyers remain engaged with that market.
While month-over-month scores dipped, Arlington, Alexandria (150) and Fairfax County (130) all remained in the High category for buyer interest.
Loudoun County (125) stood in the Moderate level, with Falls Church (105), Montgomery County (101), Prince George’s County (100) and the District of Columbia (94) in the Steady category. Frederick County, Md., rounded out the pack with a score of 79, putting it in the Slow category.
Among ZIP codes in the Sun Gazette’s Arlington coverage area, all were in the High category, led by 22206 (339). Other scores included 229 for 22205; 227 for 22202; 224 for 22204; 210 for 22201; 191 for 22203; 165 for 22213; 148 for 22209; and 134 for 22207.
In the Sun Gazette’s Fairfax coverage area, two Vienna-area ZIPs were in the High category: 22181 at 138 and 22180 at 135. In the Steady category were 22182 (Vienna area, 101), 22124 (Oakton, 100) and 22027 (Dunn Loring, 92).
In the Slow category were McLean’s two ZIPs, 22102 at 75 and 22101 at 72. The 22066 ZIP of Great Falls ranked at 36 (Limited) owing to the relatively small number of homes on the market.
Full data can be found at www.homedemandindex.com.