Surge in residential sales is strong start to summer selling season
RICHMOND, Va., June 25, 2015 – Demand for homes is boosting sales across the nation, and Virginia is no exception. May 2015 home sales volume in the Commonwealth was the highest the state has experienced in May since the 2008 recession, according to the May 2015 Homes Sales Report released by the Virginia Association of REALTORS® (VAR).
Other highlights of the report include:
• Virginia home sales in 2015 continue to remain well above sales in 2014.
• From April to May, there was a 14.7 percent increase in residential sales. This more than doubled the 5.72 percent increase in home sales from March to April and sets a strong pace for the summer selling season.
• Homes were on the market for about 69 days in May, which is true to form for this time of year and may even decrease through June and into July based on annual trends.
• The thirty-year mortgage interest rate increased to 3.84 percent. While this rate is still historically low, the increase may encourage buyers to enter the market before rates creep up any further.
“It’s fantastic to see home buyers returning to the market in droves, both nationally and in Virginia,” said Deborah Baisden, president of the Virginia Association of REALTORS®. “The low mortgage rates and a growing economy are enticing buyers to move forward with more confidence regarding their home ownership decisions. As we head into our country’s birthday weekend, this news is definitely something to celebrate.”
The Virginia Home Sales Report is published by the Virginia Association of REALTORS®, with analysis provided by the Virginia Center for Housing Research at Virginia Tech. The April Home Sales Report, with charts and graphs, is available on the organization’s website.
The Virginia Association of REALTORS® is the largest professional trade association in the state, representing approximately 30,000 REALTORS® engaged in the residential and commercial real estate business. VAR serves as an advocate for homeownership and homeowners and represents the interests of property owners in the Commonwealth of Virginia.
Note: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.