Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service, reports a year-over-year rise in the region’s home sales for June 2020. Residential pending sales (homes that went under contract) rose a significant 31.24% compared to June 2019, and settled/closed sales also showed a steady increase rising 3.51% year-over-year. The residential median sales price for June 2020 was $262,599, up 2.9% from the same period of time last year, when it was $255,200.
Strong sales prove that buyers are in the market looking for a home, but with residential active inventory down 37.2% year-over-year in June 2020, the buyers’ biggest obstacle is the lack of available homes for sale. June 2020 saw just 5,845 homes on the market as compared to 9,308 units in June 2019. The region’s median list price for active inventory in June was $309,990, up 6.93% from last year. June’s month’s supply of residential inventory for the region was 2.33 months, a decline of 41.16 year-over-year.
“The market is robust despite the initial worries of COVID-19, and we will continue to see increases in both sales and listings in the upcoming months,” said Barry Nachman, President of REIN. “The forecast is for continued low interest rates in the foreseeable future, with more buyers than ever trying to take advantage of these rates. For sellers, this is a great time to put your home up for sale as prices are steadily increasing with many sellers receiving multiple offers on their homes.”
In June 2020, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 4.28% of all residential settled sales, down 2.19% year-over-year.