RICHMOND, Va. (August 23, 2017) – According to the July 2017 Home Sales Report released by the  Virginia REALTORS®, there is no slackening in the residential real estate market. Year‐to‐date volume  (the sum of all sales) for the period January through July rose 9.7 percent over the same period in 2016,  from $22.411 billion to $24.593 billion. Year‐over‐year, transactions in the month of July contracted by  less than half of one percent, from 11,549 to 11,495. Inventory constraints continue to affect the  number of sales and also drive price upward, as eager buyers demand more than the current market  supplies.  

Claire Forcier‐Rowe, 2017 President of the Virginia REALTORS®, shares "Low rates and lasting consumer  confidence have propelled buyers into Virginia's market faster than sellers are committing to list their  properties. Without certainty that there will be inventory to move to, prospective sellers are reluctant to list. So, there's a premium on new inventory that's evident in the price trends and speed of transactions  this year." 

Typical of the industry's seasonality, the number of transactions fell from June to July by 18.1 percent  (from 14,042 to 11,495). Declines are typical following the June market peak. In comparison, last year's  sales from June to July fell by 13.3 percent.

 Statewide median sales price for July 2017 was $295,000, an increase of 6 percent from the median  price last July ($278,275). Typical of seasonal trends, July median price tapered from June's $299,000,  declining 1.3 percent. Sustained price elevation indicates continued strong demand. Further illustrating  the high motivation of buyers, the average number of days on the market remained notably low at 50  days. The average number of days on the market in July 2016 was 60 days. Average transaction speed  has quickened by 16.7 percent in the last twelve months.

 July 2017 volume (the sum of all transactions) was $4.069 billion, rising 4.4 percent over last July's  volume of $3.898 billion. As a multiplier of pace and price, the gain in volume was attributed solely to  higher prices, as pace was relatively flat. Month‐over‐month, volume fell 20 percent (from $5.085  billion). The steep decline is typical of the industry's seasonality, as market activity contracts following  the June peak.  

The average 30‐year fixed mortgage interest rose slightly in July to 3.97 percent. Virginia unemployment  ticked up slightly in July to a seasonally‐adjusted rate of 3.8 percent, continuing to track well below the  national rate. 

The Virginia Home Sales Report is published by the Virginia REALTORS®.