The tale in July was essentially the same as in the preceding few months for the Northern Virginia homes market: Tight inventory, rising interest rates and higher prices presented a trifecta of challenges for sellers, pushing total sales down but keeping prices up.
Sales across the catchment area of the Northern Virginia Association of Realtors (NVAR) totaled 1,444 in July, down 20 percent from an already cool July 2022, according to the trade organization. Year-over-year sales were down in double digits in all component jurisdictions: Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.