Industry News

East Coast real estate markets continue strong

Sales, prices soar in Virginia, North Carolina

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Home sales in Virginia and North Carolina soared in June from their year-ago levels, according to Realtor associations in both states. In Virginia, 15,295 transactions closed during the month of June, up 17.2 percent compared to 13,046 closed sales during the same time last year, the Virginia Association of Realtors reported. Year-to-date, closed sales were up 12.3 percent in Virginia, with 63,028 contracts closed compared to last year's 56,146. Nationally, the median existing-home price was $191,800 in June, up 9.6 percent from June 2003 when the median was $175,000. The median is a typical market price where half of the homes sold for more and half sold for less. In June, the average market time for home sales was 98 days in Virginia, and the average sales price was $224,240, up 15 percent from last year's $194,588. Sales of existing homes in North Carolina were red hot in June, contributing to an already record-breaking year for the resale market. According to statistics comp...