Virginia’s second quarter home sales surpass $10 billion

The Virginia residential real estate market experienced its strongest second quarter since the 2008 recession, with sales volume reaching nearly $10.6 billion during the April through June time frame. This sales volume represents an 11 percent increase relative to the second quarter of 2014. The second quarter boost is due largely to a June sales surge, which reflects an atypical month-over-month jump of 21 percent from May sales. April and May 2015 outpaced the same months of 2014, but not as drastically as the June to June comparison. Annualized residential sales, a rolling sum of the home sales closed in the preceding twelve months, indicate steady improvement in Virginia’s housing market with three consecutive quarters of increase in this measure. Length of time on the market decreased substantially from the first quarter, as is industry-cyclic. Relative to the same quarter last year, the number of days on the market decreased by 6.8 percent, showing a slight quickening to the seasonal pace. Virginia’s pace is on trend with national listing data for days on the market.

VAR President Deborah Baisden says: “This data showcases the hard work and entrepreneurial spirit of our 30,000 REALTORS® who are helping to drive the economic engine of the Commonwealth one transaction at a time. The strength of these second quarter results point to sustained improvement in Virginia’s residential real estate market.”

Click here to download the Virginia Association of REALTORS® Second Quarter 2015 Home Sales Report.