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2011

2013 2011

Quarter

second second AUGUST Quarter

VIRGINIA VIRGINIA Home HomeSAleS SAleSRepoRt RepoRt

Analysis by the Virginia Center for Housing Research at Virginia Tech

速 速 Published by by Virginia association of reaLtors , the advocate for for Published Virginia association of reaLtors , the advocate realreal estate professionals andand property owners in Virginia. estate professionals property owners in Virginia.


Virginia Monthly Home Sales Report

August 2013

Virginia's Monthly Pace of Residential Sales Single Family, Townhomes, Condos

12,000

5,508 9,740

10,000

10,295 9,855

+9.2%

5,068 8,664

9,026

8,641

8,000 Number of Residential Sales

10,739

7,221

7,267

7,458

7,407 6,849

6,000

5,570

5,930

4,000

2,000

0

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 (p) (p) (p) (p) (p) (p) (p) (p) (p)

(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.

The pace of Virginia home sales continues to exhibit a seasonal decline, but remains relatively steady. There was a 9.2% year-over-year increase sales this August. Virginia experienced a fairly steep seasonal decline in sales last year. The more gradual decline we are experiencing now, as we approach fall, is a good sign. This year’s seasonal decline more closely reflects the trends of years before the recession (see varbuzz.com for further discussion).

Published by the Virginia Association of REALTORS® Analysis by the Virginia Center for Housing Research at Virginia Tech

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Virginia Monthly Home Sales Report

August 2013

Virginia Median Residential Sales Price Single Family Homes, Townhomes, Condos

$265,000

$272,000

$267,000

$250,000

$240,000

$230,000

$225,000

$242,000

$248,000

$235,000

$240,000

$248,000

$257,241

$258,000

$250,000

$239,000

$225,000

$210,900

$205,000

$225,000

$220,000

$215,000

$224,000

$240,000

$250,000

$241,100

Median Sales Price

$300,000

$283,115

$350,000

+6.9%

$200,000

+10.4% $150,000

(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.

The median sales price continued to decrease in August. Nonetheless, August sales prices are higher than they were in 2011 and 2012. The median sales price in August 2013 ($265,000) marks a 7% increase from one year earlier ($248,000) and a 10% increase from two years ago. The decreasing median sales prices may be explained by a number of factors including seasonality, rising unemployment, and rising interest rates.

Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech

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Virginia Monthly Home Sales Report

August 2013

Virginia Monthly Residential Sales Volume ($M) Single Family Homes, Townhomes, Condos

4,000 3,682 1,531

3,500 3,117 Millions of Dollars of Residential Sales

3,000

1,317

3,173

+13% 2,723

3,413

2,802

2,689

2,500 2,159

2,270 2,088

2,268 2,089

2,000 1,681 1,549 1,500

1,000

500

0

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 (p) (p) (p) (p) (p) (p) (p) (p) (p)

(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.

The total volume of real estate sold in Virginia during August 2013 ($3.2B) is a 13% year-over-year increase. As in the case of sales, the less gradual decrease in volume in late summer may indicate that there will be a more mild seasonal decline this fall. This less significant seasonal response is a sign of the market stabilizing.

Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech

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Virginia Monthly Home Sales Report

August 2013

Virginia Average Days On Market Single Family Homes, Townhomes, Condos

120 106 97

100 89

99

101 101

103 102

92

91

Average Days On Market

84 80

88 80

81

83

90

87

90

94

95 86 78 72

-9.8%

65

68

70

-15.7%

60

40

20

0

(p) indicates that this month’s numbers are preliminary. The numbers may change slightly as more data is reported.

Virginia homes continue to sell faster than they have in years, although we are beginning to see a seasonal increase in days on the market. Virginia experienced a 16% decline in this metric over the past year. Year-over-year decreases in the metric are evidence that demand for housing continues to rise, but some regions may also attribute historically few days on the market to restricted supply.

Published by the Virginia Association of REALTORSÂŽ Analysis by the Virginia Center for Housing Research at Virginia Tech

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Virginia Monthly Home Sales Report

August 2013

Virginia Unemployment Rate

Aug-11

Nov-11

Feb-12

May-12

Aug-12

Nov-12

Feb-13

May-13

5.8%

5.7%

5.5%

5.3%

5.2%

5.3%

5.6%

5.6%

5.6%

5.7%

5.8%

5.9%

5.9%

6.0%

6.0%

5.9%

5.9%

5.9%

5.9%

6.0%

6.2%

6.3%

6.5%

6.6%

9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4%

6.6%

Source: Bureau of Labor & Statistics

Aug-13 (p)

(p) indicates that this month’s numbers are preliminary. The rate is subject possible change and finalization by the Bureau of Labor Statistics.

Virginia’s unemployment rate inched up a little more in August, but does not seem to have had a significant effect on the housing market. If the rate continues to increase into the fall, it will be hard to discern its effect on the market, as it is typical to see the market slow as we approach winter.

Average 30-Year Mortgage Interest Rates Source: FreddieMac

4.6% 4.4%

4.37%

4.46%

4.2% 4.07%

4.0% 3.8% 3.6%

3.60%

3.4%

3.47%

3.38%

3.35%

3.35%

Oct-12

Nov-12

Dec-12

3.41%

3.53%

3.57%

Feb-13

Mar-13

3.45%

3.54%

3.2% 3.0%

Aug-12

Sep-12

Jan-13

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Average 30-year fixed mortgage interest rates rose 0.09 percentage points in August, a much less drastic increase than in previous months. Buyers may still be looking to make up for the higher interest by paying a lower price, but the less dramatic increase will undoubtably mute this effect and possibly make up for some typical seasonal decreases in sales metrics.

Published by the Virginia Association of REALTORS® Analysis by the Virginia Center for Housing Research at Virginia Tech

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Virginia Monthly Home Sales Report

August 2013

The Virginia Association of REALTORS® (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 28,000 REALTORS® active in all phases of real estate brokerage, management, development and appraisal. Our mission is to enhance our membership’s ability to achieve business success. All inquiries regarding this report should be directed to: Stacey Ricks, Director of Public Relations Virginia Association of REALTORS® 10231 Telegraph Road, Glen Allen, VA 23059 (804) 249-5716 Stacey@VARealtor.com www.VARealtor.com/HomeSales Information sourced from multiple listing services across the state with data compiled by RE Stats Inc. All information is deemed reliable but is not guaranteed. Figures might not match those reported elsewhere.

Published by the Virginia Association of REALTORS® Analysis by the Virginia Center for Housing Research at Virginia Tech

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August report 2013  

Virginia Home Sales Report 2013 August

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