Overall home sales on the Virginia Peninsula in August were on par with last year, according to the latest report, but the median sales price of existing or resold homes continued to increase.
While Peninsula home sales increased 7.4% (349 homes) from January to August compared with the same time last year, the August sales increased by just one to 735, according to the latest Real Estate Information Network Inc. report.
Year over year, August home sales in Hampton increased 3%, while sales were flat in Newport News and down 9.5% in York County, according to the report.
Overall sales increased despite the number of homes for sale declining nearly 4%, or by 122, from 3,107 listings in August 2017 to 2,985 this past August.
Existing or resold homes made up 93% of the Peninsula’s home sales in August, according to the data.
From January to August, the median sales price of existing Peninsula homes increased 5% from $197,000 last year to $207,150 this year. The median sales price for existing homes increased by 10% in Hampton and 6.6% in Newport News.
Rising interest rates may be affecting interest for some prospective buyers. As of early September, the average 30-year fixed-rate mortgage of 4.5% was three-quarters of a percentage point higher than a year ago, according to Freddie Mac’s mortgage market survey.
Tribune Content Agency