Virginia home sales climb to the highest level since the federal home buyer tax credit in May 2011

Virginia home sales climbed in May 2011 to levels unmatched since May 2010 and June 2010. We must bear in mind, however, that there were a significant number of federal home buyer tax credit closings last May and June which would have increased the number of closings in those months beyond typical levels. Thus, excluding last May and June, the most recent month of home sales in Virginia exceeds every month of sales in the past year.

As for other housing market indicators in Virginia as of May 2011:

  • Median Sales Price declines slightly to $225,000
  • Monthly Sales Volume increases rapidly to $2.23B
  • Average Days on Market declines for the third straight month to 94 days
  • Average 30-Year Mortgage Interest Rates decline for the third straight month to 4.6%

Click here (or on the image below) to download the full monthly market report as a PDF.

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