The Virginia Realtors have released the July 2016 Virginia Housing Report. You can download the report here.
The report shows our real estate market here in Virginia remains strong. We do have the annual peak of the market in June each year, and it looks like 2016 will be no different. The report shows our median home price did peak last month, but for July we still remain 1.1% over last years value.
The dollar volume of home sales ended in July 5.1% above last year. Over $22 Billion in sales so far this year as shown in the report. That's a lot of home sales!
But the best news of all for home buyers is the low interest rates. This month the report shows 30 year fixed rate mortgages are now down to and average of 3.44%. This is huge for buyers as their monthly payments are incredibly low. Just as an example, a $275,000 30 year loan at 3.44% interest has a principle and interest payment of just $1,225 a month. Of course there are other expenses, such as taxes and insurance.
See your RE/MAX Regency team member to find out just how much your payments will be on your dream home. We are here to help. Contact us today!