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Low inventory, high interest rates strap Va. housing market
Homebuyers in Virginia are continuing to feel the strain of low inventory and high interest rates. The number of active listings on the market is shrinking, and fewer new listings are coming on the market. Despite a brief uptick in inventory at the beginning the year, about 67% of the state’s counties and cities had […]
Tight housing markets continue in NoVa, Hampton Roads
Home sales in Northern Virginia in June were up 3.6% from the previous month, but still down 16% compared with the same period a year ago, according to a report from the Northern Virginia Association of Realtors released Wednesday. “Many factors” are pointing to the region’s market normalizing when comparing it to five-year trends, the report […]
NoVa housing forecast: sellers’ market to continue
Northern Virginia’s housing market will likely remain a sellers’ market for the rest of 2023, according to a Northern Virginia Association of Realtors market forecast released June 6. NVAR and George Mason University’s Center for Regional Analysis predict a continuing housing inventory shortage and pent-up demand from buyers amid positive economic conditions but mounting risks. [[...]
Hampton Roads housing inventory rises, listings still low
Residential inventory in Hampton Roads has risen slightly from last year, although active listings remain below pre-pandemic levels, according to April data from the Real Estate Information Network Inc. (REIN). Active listings in April were down 0.97% year-over-year from the 3,187 listings that REIN recorded in April 2022. Pending sales stood at 2,363, down 21% […]
Va. spring housing market has slow start
Virginia’s residential real estate market is off to a slow start this spring. Virginia home sales in March dropped 24% from March 2022, marking the 16th consecutive month of declining sales, and the median sales price dropped year-over-year for the first time in seven years, according to a Virginia Realtors report released Thursday. Virginia home […]
Fed Fifth District economy shrinks slightly
The economy in the Federal Reserve‘s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has contracted slightly since March, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]
Va. home sales down 20% from a year ago
Virginia home sales were down 20.3% in February compared with the same month last year, marking the 15th consecutive month of declining sales, according to a Virginia Realtors report released March 21. Home sales in the commonwealth last month totaled 6,505, a decrease of 1,655 sales from February 2022. The Northern Neck and parts of […]
Hampton Roads housing market appears to stabilize
The Hampton Roads housing market appears to be stabilizing, according to a new report from the Real Estate Information Network Inc. (REIN). “We expect 2023 to be similar to pre-pandemic years where inventory increases in the spring and summer, and as long as buyers have inventory to choose from, they’re going to shop for homes,” […]
2023 housing market off to slow start
Virginia home sales were off to a slow start in 2023, with a 30% decline in January from a year ago, or 2,454 fewer sales, according to data released in February by Virginia Realtors. Across the state, 5,609 homes were sold, marking the slowest January that Virginia has seen in eight years. Fewer sales have […]
Va. home sales saw sharp drop in October
Virginia home sales in October decreased by 30.2% from the same time last year, the largest year-over-year sales decrease in more than a decade, according to a Virginia Realtors report released this week. In October, 8,828 homes sold in Virginia, 3,828 fewer than in October 2021. Nationally, home sales declined for the ninth straight month […]
Hampton Roads’ July active house listings down
Hampton Roads’ active residential listings in July continued to lag behind monthly totals for the past four years, according to Real Estate Information Network Inc. data published in August. Active listings have dropped steadily every July since 2014. At the end of July, there were 4,129 homes actively listed in the region. In 2021, that […]
Va. housing market sees sharp drop in sales
The housing market is cooling off, compared to a year ago. Home sales in Virginia dropped by nearly 19% in June, compared to sales in June 2021, the sharpest drop in the housing market since the beginning of the pandemic, Virginia Realtors reported Friday. In June, 13,324 homes were sold in Virginia, which is 3,208 fewer […]
