There have been about 18,000 fewer home sales across Virginia during the first seven months of 2023 than there were during the same period in 2022, according to new data.
A total of 59,344 properties went to closing during the January-through-July period this year, according to new data from the Virginia Realtors trade group. That compares to 77,378 during the same period in 2022.
The difference: 23.3 percent. The culprits: Higher interest rates, higher prices and perhaps most important, a lack of inventory as current homeowners opt to sit tight on rock-bottom interest rates obtained several years before.
While sales were down, the median sales price of $390,000 recorded for transactions during the first seven months of the year represented an increase of 2.6 percent, according to Virginia Realtors. The resulting sales volume for the period – $36.5 billion – was down 21.6 percent as the sales shortfall was only slightly blunted by the higher prices.
Figures represent most, but not all, homes on the market. All July 2023 sales data are preliminary and subject to revision.
