The Hampton Roads housing market continues to show signs of recovery with the latest numbers from our June 2015 housing report. Here are some of the highlights:
- Over 2500 homes were sold in June 2015, this is up 19% over June 2014.
- The rate of homes for sale in Hampton Roads was flat year-over year but their was an increase in sales year-over-year. This is because their are more buyers seeking homes in the market.
- Over 11,000 homes sold in the first six months of 2015.
- The Absorption Rate in Hampton Roads fell 12.8% month-over-month to 6 months on the market. This is a balance between sellers and buyers, but it is a full month lower than a year ago.
- Homes sales were up 9.6% above a year ago
- Sales are at the highest pace since February 2007
- Sales have increased year-over-year for nine consecutive months
- Median sales price for existing homes in June 2015 was $230,000, 6.5% above June 2014 and it surpasses peak median sales price set in July 2006.
- The sales price increase is the 40th consecutive month of year-over-year growth
Now is the time to consider listing your home for sale – buyers are eager to purchase before mortgage rate increases but a lack of inventory is causing more delays. If you need help finding a REALTOR® you can contact our Relocation department.