The 2012 Virginia Homes Sales Report shows improved numbers for days on market and higher median sales prices for the fifth quarter in a row.
The 2011 home sales were at 22,995. This has grown year-on-year to 24,331 — a 6% improvement. National home prices from the Federal Housing Finance Agency shows house values rose only 0.7% on a seasonally adjusted basis.
Annual home values in Virginia rose 9%. Median sales prices increased 5.5% to $248,000. The majority of regions experienced an increase in the 2012 third quarter with the exception of Southside Virginia, which decreased 15%.
President Trish Szego of Virginia Association of Realtors, which sourced the info, said the increase reflects a lasting improvement in home sales throughout the state.
“2012 has been a pivotal year so far for the housing market,” she said. “While some regions of the Commonwealth are improving at a faster pace than others, the more densely populated areas have shown a recovery, which doesn’t look to be short term.”
Days on market have decreased 12% to 82 days, throughout the past year.
Foreclosure rates have also dropped 7% between quarter two and quarter three of 2012.
Housing under $100,000, which is the most affordable pricing range, has experienced a decline in sales pace. The American Virginia Home Sales Report indicates that this may be caused by the increases of median sales prices – moving affordable pricing properties to the $100,000 to $200,000 range.
Virginia has also seen a drop in unemployment, which is currently at 5.9%.