Third Quarter Home Sales Report indicates significant year-over-year gain

The Virginia Association of REALTORS® Third Quarter 2015 Home Sales Report indicates a rise of 11 percent from the same period last year, with a significant increase in volume and a slight increase in median price. There have been four consecutive quarters of increased volume. The pace of sales has quickened by nearly 7 percent from the same period last year. Third quarter sales represent over $10 billion in transactional value, contributing to a year-to-date volume totaling $27 billion. The median sales price has risen to $265,000, an improvement of 2.3 percent from the same period last year. Performing ahead of the national rate, the continued decline in Virginia’s unemployment rate to 4.3 percent in September may contribute to buoyed consumer confidence and, along with continued low interest rates, may encourage buyers into the market.