According to April home sales data, its a great time for homes to be put on the market. The Virginia numbers match the positive buzz humming nationally. Thanks to housing contributing to economic growth and the job market looking more hopeful, the economy seems to be picking up. So, let’s look at the signs for Virginia:
- Sales volume is accelerating. At the start of the year, volume was larger than the preceding year, but it has also grown faster as we start into the peak sales season.
- Increased volume is accompanied by steadily rising prices and an increased pace of sales. This combination is a good sign because houses are selling and rising prices will attract more inventory.
- Homes remained on the market for an average of 78 days in April, the the fewest DOM we have seen in years.
- There are reasons for demand to increase. First, interest rates remain low. 30-year mortgage rates even lowered a little from March to April. Second, the Virginia unemployment rate continues to fall.