Virginia homes sales and prices posted double-digit increases in November from their year-ago levels, according to the Virginia Association of Realtors.

Realtors reported 10,974 transactions closed in November, up 26 percent compared to November 2003’s 8,709. Year-to-date, 124,603 transactions have closed, a 10 percent increase over the 112,365 closed sales during the same period last year.

The median price of a single-family home in Virginia was $163,750, up more than 15 percent from last year’s $141,738. The median is the midpoint, which is a typical market price where half of the homes sold for more and half sold for less.

“Researchers at the National Association of Realtors project that economic conditions in 2005 will be comparable with this year,” said VAR President Tom Jewell. “So it seems very likely that in Virginia we’ll see a continuation of strong home sales, although down some from the pace we saw in 2004,” he said. “Mortgage interest rates should rise modestly over the course of this year, but stay low enough to maintain favorable market conditions,” he said.

The average market time for home sales was 92 days during the month, compared to 108 for the same period last year.

The Virginia Association of Realtors is one of the state’s largest individual membership trade association with more than 31,000 members.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription