Fairfax city

Northern Virginia's residential real estate market in June had a billion-dollar sales month. That's the first time in almost three years that the region's home sales have reached a billion dollars.

A total of $1.07 billion worth of real estate transactions closed in June, according to Metropolitan Regional Information Systems Inc., the area’s multiple-listing service. That’s a 9.3% increase over the $978.99 million logged last year, and is the highest one-month total since June 2007.

Increases in sales volume suggest that the region's real estate market is recovering. That's good news for homeowners, who may see the value and saleability of their properties increase.

Read more in the Sun Gazette....

Local transit companies in the Washington area are serving more riders, but the cost to run the services is rising. For example, the cost of running Metro has grown by at least 28% over a four-year period,  more than five times faster than ridership grew during that time.

Access to reliable, affordable transit options is important to homeowners who commute within the metropolitan Washington area. Even homeowners who do not use the services themselves can benefit. The availability of public transportation can boost the attractiveness -- and sale price -- of nearby homes.

Read more in The Washington Examiner....

Home prices in the Washington area were 9.3% higher in May than they were the same month in 2009, perhaps evidence of a housing market recovery. That's according to real estate analytics company Clear Capital. Nationally, home prices were up 6.8%.

Washington-area prices have been improving over the four quarters according to Alex Villacorta, senior statistician for Clear Capital.

Another positive sign is that the percentage of bank-owned sales are dropping, according to Villacorta. For the period ending in May, bank sales accounted for 20% of all sales in the Washington area, vs. about 37% its worst levels, he said.

The number of Washington-area homes for sale last month was down 25% from April 2008, according to the most recent data from the local Multiple Listing Service.

The supply has fallen in nearly all of the region's counties and cities since that time. It was down about 30% in Fairfax and Loudoun counties; and 55% in Prince William County, including Manassas and Manassas Park.

Experts say that the drop in the number of houses for sale will benefit homeowners by bring supply back in line with demand, stabilizing prices.

Read more in The Washington Post....

The American Association of State Highway and Transportation Officials has issued a report detailing what it feels are Virginia's highest road construction priorities.

Establishing tolls in Northern Virginia for drivers to use high occupancy lanes on Interstates 95/395 is at the top of the list. The lanes are needed to help ease congestion in regular traffic during peak traffic hours.

Second on the list of priorities: expanding the Midtown Tunnel, which connects southwest Norfolk and the northern tip of Portsmouth. It's the most heavily traveled two-land highway in Virginia. The project is in line to happen soon, according to state officials. Construction and maintenance of the improvements would be a combined public/private enterprise, and would be funded by tolls, estimated at $2 to $3 for cars and $6 to $9 for trucks.

Read more in The Virginian-Pilot....