Second Quarter Home Sales Surpass $10 Billion in Virginia
Residential sales market shows strongest second quarter since 2008 recession
RICHMOND, Va. (July 28, 2015) – The Virginia residential real estate market experienced its strongest second quarter since the 2008 recession, with sales volume reaching nearly $10.6 billion during the April through June timeframe. This sales volume represents an 11 percent increase relative to the second quarter of 2014 ($9.5 billion), according to the Second Quarter 2015 Home Sales Report released by Virginia Association of REALTORS® (VAR).
The dollar value of the volume increase is due primarily to an increased number of units sold for the comparable time periods (2014‐Q2 to 2015‐Q2), since the median sales price remained relatively static. While most regions of Virginia saw moderate improvement in year‐over‐year median sales price, the flat aggregate median sales price can be attributed to the negligible change and a year‐over‐year decline in the two largest selling regions, Northern Virginia and Hampton Roads, respectively.
VAR’s Second Quarter 2015 Home Sales Report press release:
The full Second Quarter 2015 Home Sales Report: