November Residential Real Estate Sales Indicate Continued Market Growth
Double-digit growth in market activity accounts for more than $32 billion in year-to-date sales
RICHMOND, Va. – December 22, 2015 – (RealEstateRama) — November residential real estate sales support the year’s strengthening market. Year-to-date sales through November 30, 2015, account for more than $32.02 billion in sales volume, according to the November 2015 Home Sales Report released by the Virginia Association of REALTORS® (VAR). Relative to the same year-to-date period for 2014, the value of sales transactions has increased by 11.7 percent. Both the number of units sold and the median sales price have risen steadily, contributing to the boost in year-over-year market performance.
Sales for the preceding twelve months through November 30 rose 10.2 percent from 2014 to 2015. The number of sales closed in November 2015 is 3.3 percent higher than for that of the same month in 2014. The most significant jumps in sales activity have occurred in high price bands – between $350,000-$400,000 and $525,000-$600,000. Consumer response to the intensifying suggestion that the Federal Reserve Bank would raise rates in December may have escalated the sales in these low inventory categories. The Fed confirmed on Wednesday that it would raise the key interest rate for the first time following the Great Recession.
2016 VAR President Bill White cites a number of influences on market improvement. “We believe that low inventory and the anticipated rate hike announcement by the Fed have encouraged buyers to act now.” he said. “Continued increases in the number of home purchases closed each month illustrate sustained recovery in Virginia’s residential market.”
In keeping with seasonal trends, month-to-month sales have continued downward since June, but have remained higher every month than their previous year benchmarks. The unemployment rate remained steady from the October through November. Breaking a three month trend, average 30-year fixed mortgage interest rates increased in November, rising to 3.94 percent.
November 2015 median sales price ($251,500) was slightly higher than November 2014 ($250,000) and 2 percent higher than November 2013 ($245,000). Days on the market declined more than 2 percent from last November.
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
November 2015 Home Sales Report. Current and past reports are available to members, media, and real estate related industries through the organization’s website.
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About the Virginia Association of REALTORS®
The Virginia Association of REALTORS® (VAR) is the largest professional trade association in the state, representing approximately 31,000 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. For more information, visit www.varealtor.com or follow VAR on Facebook and Twitter.
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.
Virginia Association of REALTORS®
Contact: Martin Johnson
Email: Martin (at) varealtor (dot) com
