You are here
Get a terrific three-minute overview of the current Virginia housing market with the video edition of our quarterly Home Sales Report, hosted by VAR team member Director of Public Relations Stacey Ricks.
It’s a great way to see what’s happening in the state. (Brokers, it’s perfect for your next sales meeting.) And for all the details be sure to grab your free copy of the full Home Sales Report, too.
Key House and Senate members have reached a bipartisan deal to delay the implementation of major parts of the Biggert-Waters Flood Insurance Reform Act. The agreement — which still must be codified into a bill — will ensure the government continues to subsidize flood-insurance for many homeowners who participate in the National Flood Insurance Program (NFIP) while the impact of higher rates is studied.
The agreement is a result of concerns over the implementation of Biggert-Waters, and the effect it has had on flood insurance premiums since it was passed in July 2012.
Both VAR and the Richmond Association of REALTORS® were featured in an October 23 Richmond Times-Dispatch story, “Housing market improves,” about central Virginia’s housing market.
“The Richmond area’s housing market posted increases in sales and prices during the third quarter, according to a report released Tuesday by the Richmond Association of Realtors,” begins the story, which featured housing statistics from both associations.
The Virginia housing market maintained year-over-year improvements in the third quarter: sales were up 11%, prices increased 2.4%, and volume increased 19%. In general, year-over-year numbers indicate that the market is continuing to recover with increased sales, increased value, and stable prices.
Nonetheless, sales decreased in September. The graph below shows that the decrease in sales from August 2013 through September 2013 (20.4%) was similar to the decline Virginia experienced last year, 20.08% from the end of August 2012 to the end of September 2012.