For Richmond
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings decreased 8.3 percent for Single Family homes but increased 11.8 percent for Condo/Town homes. Pending Sales decreased 18.5 percent for Single Family homes but increased 10.3 percent for Condo/Town homes. Inventory decreased 10.6 percent for Single Family homes but increased 16.7 percent for Condo/Town homes.
Median Sales Price increased 6.9 percent to $405,000 for Single Family homes and 14.0 percent to $359,000 for Condo/Town homes. Days on Market increased 15.4 percent for Single Family homes and 13.0 percent for Condo/Town homes. Months Supply of Inventory increased 18.2 percent for Single Family homes and 25.0 percent for Condo/Town homes.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing home price of $406,700, a 1.9% increase from a year earlier.
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For Williamsburg
〉 The number of sales went down this month in the WAAR footprint. There were 354 homes sold in the month of August, 46 fewer sales than a year ago, an 11.5% decrease. In James City County, sales dropped by 22.1% compared to the same time last year, which is 42 fewer sales. York County saw a surge in sales this month with 39 more sales than the previous year, a 45.3% increase.
〉 Pending sales continue to cool in the WAAR region, signaling a slower fall market ahead. In the month of August, there were 264 pending sales regionwide, down 13.2% or 40 pending sales from last year. All local markets experienced a drop-off in pending sales activity. New Kent County had 18 fewer sales than the year before (-26.9%), followed by James City County with 12 fewer pending sales (-8.8%). Williamsburg had 16 fewer pending sales (-40.0%).
〉 Prices continued to rise in most parts of the WAAR footprint. The median price of a home was $410,913 this month in the WAAR region, 6.7% higher than a year earlier, a gain of $25,913. The median price of a home surged in Charles City County jumping up by $860,000 in August, a 358.3% price gain. In Williamsburg prices dipped by 8.1% in August, a $26,400 price reduction. The median sales price in James City County rose 4.2%, while prices were up 9.5% in York County compared to last August.
〉 The number of active listings dropped in August and fewer new listings are coming onto the market in the WAAR region. There were 515 active listings at the end of August across the WAAR area housing market, 64 fewer listings than the year before, declining by 11.1%. There were 302 new listings that came onto the market in the WAAR area in August, 29 fewer than a year ago, reflecting an 8.8% reduction.
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Sources:
Williamsburg Realtors®
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