Loudoun County home sales for the month of September will more than likely be the lowest in almost 5 years. With only 2 days left in the month, total sales for Loudoun County stand at 215 and will finish somewhere near 250. Not since December of 2002 have sales for the county been below 300 for any month.
The liquidity crisis that shot interest rates up for jumbo loans, the rising foreclosures and the stubborn level of inventory have finally taken their toll on the demand side of the equation. We will probably see a decrease in median sales prices of 3-5% in the fourth quarter in order to stimulate flagging demand.
Here is a chart of the last 13 months of sales data for Loudoun County. It shows a trend of lower sales each month that started in May.