Hampton Roads homes under contracts up 30%

The number of Hampton Roads homes placed under sales contract In September rose 30.14% from the same period last year, according to Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service. Regional closings were also up, rising 13.07% from September 2018.

The median sales price also rose in September, up to $249,000 — a 6.34% increase over the same period in 2018. And the number of distressed home sales (foreclosures and short sales) were at the lowest level since July 2008, accounting for 4.27% of all residential settled sales.

“Major factors affecting our regional marketplace and increased sales this month include lower interest rates and the outstanding opportunities for employment due to our strong military presence, shipbuilding and technology growth,” said Barry Nachman, a regional broker and member of REIN’s Board of Directors. “This leads to a positive environment where members of our communities feel confident in moving forward in their decision to purchase a home.”

Overall residential homes listed for sale dropped by 13.46% year-over-year in September, marking the 50th consecutive month of active-listing declines.