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Morning Poll: Is a dip in home prices a good thing?

For sale / contract pending real estate sign (file photo)

The once-hot real estate market in Northern Virginia is cooling as interest rates rise.

The median home sale price dipped slightly in July. While Arlington’s stats did not include a price drop — prices here have held up better than the outer suburbs — the number of home sales dropped.

More from the Sun Gazette:

The median sales price for homes that sold in Northern Virginia in July stood at $580,000, according to figures reported by the Virginia Realtors trade group.

While higher by nearly 5 percent than the $553,000 recorded in July 2021, the $580,000 figure trails the median sales price of $583,000 for the first seven months of 2022.

Put another way: While the year-to-date median sales price through July was up $13,100 (from $539,900 during the first seven months of 2021), July 2022’s sales price was down $3,000 from the same point a year before.

A sign of the apocalypse? No. But decidedly a sign of cooling. Especially as the summer months tend to be among the strongest, price-wise, in the local real-estate market.

Today we’re asking a somewhat counterintuitive question: do you, personally, think this dip in prices is a good thing?

After all, the run-up in home costs have come at the expense of affordability for first-time homebuyers, pricing many middle-income families out of the market for homes in places like Arlington, even as it has benefited existing homeowners.

So, purely from your perspective, do you see a home price swoon as a net negative or a net plus?

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Join Us on Monday, October 17, 2022, for our General Membership Meeting & Arlington County Candidate Forum led by the NAACP Arlington Branch Political Action CommitteeTime: 7:00-9:00 pmLocation: Virtual on Zoom County Board (3 candidates)Matt de Ferranti ( Clement ( Theo ( School Board (2 candidates)James “Vell” Rives ( Sutton ( to the PublicRegister: gpzkpE9XJn5vI3Fy-LO6f1r0qli7V After registering, you will receive a confirmation email containing information about joining the meeting.”The NAACP is a non-partisan organization and does not endorse candidates for political office at any level. Persons affiliated with the NAACP at the national, state, and local levels are free to make candidate endorsements in a personal capacity, but they do not reflect support by the NAACP as an organization.” Derrick Johnson, President/CEO, NAACP, May 22, 2022

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