For Richmond
National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
New Listings decreased 14.1 percent for Single Family homes but increased 14.8 percent for Condo/Town homes. Pending Sales decreased 6.9 percent for Single Family homes but increased 10.9 percent for Condo/Town homes. Inventory decreased 10.4 percent for Single Family homes but increased 22.7 percent for Condo/Town homes.
Median Sales Price increased 5.5 percent to $391,993 for Single Family homes and 5.7 percent to $357,990 for Condo/Town homes. Days on Market increased 33.3 percent for Single Family homes and 8.3 percent for Condo/Town homes. Months Supply of Inventory increased 16.7 percent for Single Family homes and 30.8 percent for Condo/Town homes.
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
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For Williamsburg
〉 Sales activity continues to slow down in the WAAR area housing market. In September, there were 276 sales in the region, 26.4% fewer compared to a year earlier, which is a decrease of 99 sales. James City County had the biggest decrease in sales with 35 fewer sales than last year, a 21.9% drop in activity. New Kent County also experienced a slowdown in sales with 33 fewer sales than the year before, dropping by 44.0%. The Williamsburg market had nine fewer sales, a 25.7% decline from last September.
〉 There were fewer pending sales regionwide this month, but some local markets had an
uptick. There were 232 pending sales in September, 14 fewer than a year ago, dropping
by 5.7%. In New Kent County, there were 17 fewer pending sales than last year, declining
by 28.3%. Pending sales activity saw an uptick in James City County with five additional
pending sales (+4.4%) and in Williamsburg with three more pending sales (+15.8%).
〉 The median sales price continues to climb in the WAAR market even as sales activity
cools. In September the median home price was $400,995 in the region, up 7.7% or
$28,635 from last year. Prices rose in all local markets this month. Charles City County saw
prices increase the most with a gain of $192,750 from the previous year, a growth of
339.6%. The median price was up 9.6% in James City County and rose 9.1% in York County
from last September
〉 Inventory is tightening in the WAAR housing market, fewer activity listings and fewer
new listings. At the end of September, there were 509 active listings in the WAAR
footprint, 12.8% less than a year ago, which is 75 fewer listings. There were 300 new
listings that came onto the market regionwide in September, a reduction of 39 listings
from last year (-11.5%)
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Sources:
Williamsburg Realtors®
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