Virginia Home Sales Down as Prices Soar

Jul 03, 2018

Home sales in Virginia in May were down slightly, but home prices continued to climb for the 26th straight month, according to new data released by Virginia Realtors.

During May, Virginia’s recorded 12,700 existing homes sales, 0.9 percent drop from the 12,950 level recorded one year earlier. Tight inventory supply continues to constrain the market, But while sales were slowing, prices continued to rise: the statewide median sales price of $294,000 was 2.4 percent higher from the previous year and marked the 26th straight month of ascending prices.

The existing home sales volume for the month increased 1.3 percent from $4.490 billion in May 2017 to $4.548 billion in May 2018. Annualized home sales volume totaled $42.288 billion for existing-home sales for the 12 months preceding May 31, which marked the 23rd straight month that annualized existing home sales volume has risen. The median number of days on the market dropped to 31 days in May, down from 32 days in April and 36 days in May 2017.

About the author

Phil Hall

Link copied

Published

Jul 03, 2018

Analysis and Data

Home Sellers' Q1 Profit Margins Declined Quarterly, Annually

ATTOM reported decrease of 55.3% in the first quarter – the smallest level in more than two years.

ATTOM released its Q1 2024 U.S. Home Sales Report, revealing that profit margins for U.S. home sellers on median-priced single-family home and condo sales in the United States decreased to 55.3% in the first quarter – the smallest level in more than two years. The decline...

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...