2015 Home Sales July: Virginia Residential Real Estate Market Shows Continuing Improvement
July 2015 sales represent 3.86 billion dollars in transactional value
RICHMOND, Va. (August 27, 2015) – July residential real estate sales reflected a significant uptick from the same period last year, according to the July 2015 Home Sales Report released by the Virginia Association of REALTORS® (VAR). The 13 percent increase in sales over July 2014 continues an eight-year trend of year-over-year improvement. July sales are typically lower than the volume per month for June or any single month of the second quarter. In addition, the decrease of 8 percent from June indicates buoyancy from the 11 percent month-to-month dip averaged over the prior seven years for the same period.
The combined impact of the 13.3 percent increase in units sold and higher median sales price boosted the dollar value of July sales volume by 14 percent over the same month last year. July 2015 sales represent $3.86 billion in transactional value. Median sales price for July 2015 rose nearly 3 percent from the same period last year, from $267,848 to $275,000. Slight year-over-year increases are typical in a steadily growing market.
“While on trend with industry cycles, the July sales report certainly points out that Virginia’s residential real estate market is continuing to improve,” says VAR President Deborah Baisden. “Our REALTORS® look forward to closing out the summer selling season on a high note and we are proud of their ongoing efforts to help clients navigate the path to successful home ownership.”
Number of days on the market decreased by more than 7 percent from July of last year, supporting other indicators of long term market improvement. Compared to June of this year, length of time on the market is slightly longer, as is a typical trend for the second half of the summer. Beginning in July, both sales pace and median price typically show steady decline through January of the following year. A slight contraction of inventory and decreased demand from buyers are expected through the typically slower second half of the year. Without fluctuation in the unemployment rate and with interest rates remaining low, the buyer market should remain stable.
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. Click here to view the full July 2015 Home Sales Report. Current and past reports are available to members, media, and real estate related-industries through the organization’s website.
Contact: Christine Hodges
Chief of Marketing & Communications
Virginia Association of REALTORS®
Christine (at) VARealtor (dot) com
Office: (804) 525-2947
