August Home Sales Report indicates sustained long-term market improvement

The Virginia Association of REALTORS® August 2015 Home Sales Report indicates a rise of nearly 4 percent from the same period last year, with slight increases in both volume and median price. The pace of sales has quickened by more than 5 percent from the same period last year, with average days on the market down to 69. August 2015 sales represent 3.22 billion dollars in transactional value. The year-over-year median sales price has risen from $262,000 to $266,500, an improvement of nearly 2 percent. Relative to July 2015, August performance reflects the typical seasonal decline that follows the industry sales peak in the second quarter. But bench marked to the same period in 2014, August 2015 residential real estate sales show moderate sustained strengthening in the market. The gradually decreasing unemployment rate combined with the Fed’s recent announcement to keep interest rates low may encourage buyers to enter the home market.