It’s no surprise that the average price in the close-in Metro market was up for the 16^th consecutive month. In this steadily improving marketplace, the dollar volume of sales was also up for the second month in a row. And, in a market that is low on supply and high on demand, well-located properties that are priced correctly and show well often have multiple bidders.

Fortunately, loans up to $417,000 are running in the 4% range, which makes purchases for first time buyers very affordable.  Even though the FNMA limit has dropped to $625,500, banks are offering high-end buyers many more choices, including combination first and second trust loans as well as first trust loans up to $2,000,000. With record low interest rates and a variety of mortgages available, the fall market should to be good, with a continuing increase in price and dollar volume of sales.

* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County in Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.