Virginia home sales dropped for the 14th consecutive month in October amid a plethora of inventory, while the median home price climbed, the Virginia Association of Realtors reported.
According to statistics, there were 8,463 homes sold statewide in October, down 19.2 percent from 10,467 sales a year earlier. The median existing-home price rose to $222,800 during the period, a gain of 6.2 percent from $209,850 a year ago.
Despite the slowdown, the Eastern Shore, Martinsville-Henry, New River Valley and Roanoke Valley regions showed increases in closed transactions for October, while the Dan River, Massanutten, Richmond Metro, Williamsburg and Southwest Virginia areas posted increases in pending transactions, according to VAR.
“Conditions are now ideal for buyers,” said VAR President Melanie Thompson of Fredericksburg. “Interest rates are comparable to 40-year lows, and inventories are higher than they have been in decades. Consumers have exceptional choice and great opportunities to find the right home at the best price.”
The average time single-family homes spent on the market increased to 124 days in October, up from 107 days in September, and up significantly from 87 days a year ago, a sign that buyers are taking their time to find the best deal with the large supply of for-sale listings.