Year over year home sales in Virginia increased 8% in August 2010 to 7,779 units sold, as compared to only 7,210 sales in August 2010. This increase is a welcome sign in Virginia after recent declines in the pace of home sales.
With the current historically low mortgage interest rates combined with the slower pace of sales in 2010 Q4 as a result of the June 30, 2010 expiration of the tax credit, we are likely to continue to see year-over-year increases in the pace of home sales for the remainder of 2011.
It is important to note that one external factor that could affect Virginia’s housing market in coming months is if the current FHA loan limits are not extended by Congress by October 1, 2011.
- Median home sales price declines less than 1% between July 2011 and August 2011.
- Monthly sales volume increase 4% between August 2010 and August 2011.
- Average days on market increases to 91 in August 2011.