As a real estate professional in Northern Virginia, the question on everyone's mind is whether the housing market is crashing.

With the news cycle and social media inundating us with conflicting stories about banks closing and interest rates rising, it's understandable that people are concerned. However, it's important to get the facts straight before jumping to conclusions.

According to a recent article from the National Association of Realtors (NAR), we saw a decline in home sales in February of 2022. Despite this, the chief economist at NAR notes that home buyers are taking advantage of changing mortgage rates and stronger sales gains are being seen in areas where home prices are decreasing and local economies are adding jobs.

Inventory levels remain at historic lows, resulting in multiple offers on a good number of properties throughout the country. However, it's important to note that this isn't the same spring market as last year. Mortgage rates are higher, the number of homes being sold is lower, and inventory levels are still low.

Distress sales, such as foreclosures and short sales, represented only two percent of sales in February, which is similar to the previous year. These are not the type of numbers we saw during the housing crash of 2008-2009.

As a real estate professional, I recommend staying informed about your local market rather than getting caught up in national or regional news. By doing so, you can make the most informed decisions when it comes to buying or selling a home.