Agents Report On Residential Real Estate In DC
Residential real estate agents reported generally slower home sales and more moderate price growth in March and early April. A contact in Vienna, Va., said that housing markets remained healthy, but that sales were "softer." "Buyers are out there, but they won't make quick decisions," he noted. An agent in Virginia Beach, Va., similarly remarked: "People are thinking more before buying. They take more time to shop around now."
In Washington, D.C., an agent said that the real estate market had slowed over the past several months, including less traffic at open houses. Contacts in some areas in the Fifth District noted that homes--particularly those in upper price ranges--were staying on the market longer. Real estate agents generally reported that home prices were no longer escalating at the rapid pace of 2005. A contact in Washington, D.C., said that many area home sellers were reducing asking prices: "It's clearly a buyers' market now and buyers can negotiate better prices," he noted.
Commercial real estate agents reported continued strength in leasing activity in most areas. An agent in Raleigh, N.C., said "it [leasing activity] has not been gangbusters, but it's been pretty steady." Agents reported that vacancy rates for office and retail space remained low and that demand continued to be strong. A contact in Prince William, Va., described a large office building that was just recently put on the market and was already half leased.
District real estate agents said that commercial rents rose modestly since our last report. A Charlotte, N.C., agent mentioned that with vacancy rates so low, the increase in rents was "simply a matter of good old supply and demand." Little change in new construction was reported.
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Commercial Real Estate 
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