The Virginia residential real estate market has continued year-over-year and longer term improvement according to the Second Quarter 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR). Both the total number of sales and the value of transactions rose from the same period last year, to 34,688 units and $11.720 billion, respectively. Volume – the sum of all transactions for April, May, and June of 2016 – was 8.6 percent higher than the same period last year, and nearly 20 percent higher than the second quarter of 2014. Annualized residential sales, a rolling sum of the home sales closed in the preceding twelve months, rose from 109,574 units in the last quarter to 112,019 (up 2.2 percent). Year-over-year, annualized sales rose by 7.6 percent (from 104,091 in the second quarter of 2015). Consecutive periods of improvement in annualized sales, as demonstrated in Virginia’s market, indicate sustained market strengthening. Boosted by continued low interest rates and increasing seasonal activity, second quarter 2016 sales also rose 7.6 percent from the same period last year, from 32,243 to 34,688.