Posts from May 2019

Two positive trends have started to emerge that impact the 2019 Spring Housing Market, nationwide. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!

These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American's Chief Economist, Mark Fleming, explains the impact,

"Ongoing supply shortages remain the main driver of the performance gap as the housing marke...

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First Published by Charlottesville Area Association of REALTORS® and Virginia REALTORS®, May 1 2019

According to the Charlottesville Area Association of REALTORS®, Charlottesville-area home sales dropped during the first three months of 2019, but at the same time, home prices increased slightly and the number of homes on the market remained about the same. The graphic on the right represents the Percent change compares to 2018 1st Quarter statistics.

Economic Conditions

 • Notwithstanding a modest employment decline in the most recent months of data, the Charlottesville regional economy is stable and provides a steady bedrock for the local hou...

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