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Robert Powell, III// November 28, 2016//
Virginia’s total home sales through the end of October was $31.97 billion, an increase of 6.4 percent from same period last year.
The Virginia Association of Realtors (VAR) reported that the statewide median sales price for October was $262,500, 5 percent higher than 12 months before. Because of high demand, the October median price was unchanged from September. Typically, median price declines each month from the summer season through the end of the year, VAR said.
“While the market is settling into the winter season, pent up demand remains a strong contributor,” Claire Forcier-Rowe, the 2017 president of VAR, said in a statement. “Still recovering from the peak inventory constraints, buyers are moving quickly on available properties and taking advantage of low interest rates.”
The average number of days on the market declined year-over-year by 16.7 percent, from 78 to 65.
The average 30-year fixed mortgage interest rate ticked up slightly in October to 3.47 percent. The continued access to low rates, along with loosening inventory, encouraged buyer activity and contributed to the market’s performance, VAR said.
