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housing market

May 15, 2023

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% […]

Virginia home sales in past Marchs. Figure courtesy Virginia Realtors
Apr 21, 2023

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 […]

Fifth District economy has moderate growth, Fed says
Apr 19, 2023

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[...]

Virginia home sales in past Februarys. Figure courtesy Virginia Realtors
Mar 24, 2023

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 […]

An overview of Hampton Roads
Mar 20, 2023

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,” […]

Home prices still increasing
Feb 27, 2023

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 […]

A bar graph showing Virginia home sales in past Octobers. Figure courtesy Virginia Realtors
Nov 22, 2022

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 […]

Multifamily residences sell in Suffolk, Norfolk
Aug 12, 2022

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 […]

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Jul 25, 2022

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 […]

March NoVa home sales down 4.9% from 2021
Jun 24, 2022

Va. median home sales price breaches $400k for first time

The statewide median sales price for a home in May rose above $400,000 for the first time, according to the Virginia Realtors‘ May 2022 Virginia Home Sales Report. The median price was $401,082, up 8.7% and more than $32,000 from a year ago. In total, 13,048 homes sold in Virginia in May, an 8.5% decrease […]

Jun 10, 2022

Economic growth to continue slowing, ODU experts say

The U.S. economy will continue to slow in the second half of 2022 and a recession is increasingly likely, according to the Old Dominion University’s Dragas Center for Economy Analysis and Policy’s mid-year economic forecast released Friday. Increases in inflation are expected to slow as well but harden, leaving costs elevated, report Robert McNab and […]

March NoVa home sales down 4.9% from 2021
Apr 22, 2022

March NoVa home sales down 4.9% from 2021

Northern Virginia saw fewer home sales last month compared with March 2021 due to low inventory and higher rates, according to a Northern Virginia Association of Realtors report published Friday. The market saw a 4.9% decline in home sales over March 2021, not far off from the 4.5% drop nationwide. “I expect that rapid price […]

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