Happy Friday! We’ve got new numbers from both NAR and (locally) the Virginia Housing Snapshot from HOME. Let’s start with what NAR has to say.
It reports in its November data that nationally…
- Home prices rose 4.05% from a year ago;
- Inventory of for-sale single family homes/condos/townhouse declined by 21.30% from a year ago;
- The median age of inventory (114 days) is down 3.39% from a year ago.
So three bits of good news. (Numbers geeks can follow that link above and download a spreadsheet covering the country’s major MSAs.)
As for NAR’s numbers for Virginia…
- In Northern Virginia (the DC area), prices were up 6.86% from a year ago;
- The Norfolk/Virginia Beach/Newport News area saw prices rise 4.41% over 2010;
- Roanoke’s prices were up .51%;
- Richmond’s prices were virtually flat;
- Listings in all areas were down (from -18.5% in NoVA to -29.4% in Richmond).
So that’s even better news.
Our friends at HOME Virginia have some other facts based on 2011 data:
- Minorities pay more for loans than Whites;
- In NoVa, a household needs to earn $53,120 to afford fair-market rent for a one-bedroom apartment;
- Virginia Beach has the lowest homeownership rate in the state, at 63% (46% for African Americans).
So there you go — watercooler facts, good news, and things to think about. Enjoy the weekend!