Jul 22, 2010
Virginia’s home sales up 6.4% over last year
22 Jul 2010
Posted by VAR
In the second quarter Trends in Virginia’s Housing Markets report, published by the Virginia Association of Realtors, five areas out of seven showed increases in total sales compared to second quarter 2009; only one area (Southwest Virginia) was down significantly, although that particular area was up 60 percent over first quarter 2010. Statewide, sales are up 6.4 percent over the same period last year.
Median sales prices showed increases from 1st quarter 2010 in six of seven areas, but declines in four of seven areas compared to second quarter 2009. Northern Virginia showed the highest year-over-year increase at 10.8 percent, followed closed by Southside Virginia at 10.2 percent.
The median sales price is up slightly for the state as a whole, 2.2 percent, over the second quarter last year, and up nearly 7 percent from first quarter 2010.
Average days on market is down in all but one area of the state compared to first quarter 2009, and three of seven areas were down compared to the same period last year.
This week, mortgage rates went up for the first time in six weeks, with the 30-year mortgage rising 3 basis points this week, to 4.77 percent, according to a Bankrate.com national survey of large lenders. Virginia’s housing markets continue to show steady growth, according to the first quarter 2010 home sales report released today by the Virginia Association of Realtors.
“Virginia is fortunate to have a relatively low unemployment rate, and strong regional economic development activity,” commented VAR President Cindy Stackhouse of Dumfries, VA, “both contributing to stronger home sales markets in our state.”
“Even though rates have ticked up slightly, the national 30-year fixed rate at 4.77 percent has been lower only two times in the past 25 years, and qualified buyers have a lot to choose from.”