CAAR 2023 2nd Quarter Homes Sales Report Now Available
The CAAR 2023 2nd Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is now available
In addition to providing housing metrics, this report provides you and your clients with an in-depth look into local, state, and national economic conditions including unemployment rate comparisons, job change by industry, monthly permits for new residential construction, and more. Download the full report today! Economic Conditions
Housing Market Conditions
- Virginia’s job base continues to expand, which generates demand for housing. There were approximately 6,900 jobs added to Virginia’s economy between April and May 2023.
- The statewide unemployment rate in Virginia was 2.7% in May 2023 (not seasonally adjusted), which is down from 2.9% a year ago. In the CAAR region, the unemployment rate was 2.4% in May, down from 2.7% a year ago.
- Mortgage rates continue to fluctuate widely. In the third week of July 2023, the average rate on a 30-year fixed mortgage was 6.78%, which is down from 6.96% the week prior.
- Sales activity continues to trend slower than last year in the CAAR housing market. There were 1,148 homes sold across the region in the second quarter, down 17% from last year.
- Home prices are climbing even as there are fewer sales. The median sales price in the CAAR housing market during the second quarter was $445,900, up 7% from last year, a gain of $28,050.
- There were 717 active listings on the market in the CAAR region at the end of the second quarter, 24 fewer listings than a year ago, which is a 3% drop. This is the first time that active listings have declined in the region in over a year.
If you have a question about today's market, contact a REALTOR® today using mycaar.com
for residential properties and cvcmls.com
for commercial properties. They have the expertise, tools, and local insight you need to make the best real estate decision.