CAAR: Sales continue to slow; Prices continue to climb

Housing sales have been down for five consecutive quarters in the region covered by the Charlottesville Area Association of Realtors. The group released their quarterly report today. 

“There were 1,206 home sales in the CAAR region during the third quarter of 2022,” reads page 2 of the report. “This is 192 fewer sales than this time last year, which is a 14 percent drop.”

The report states that one reason is the higher cost of borrowing money. Mortgage rates have also increased with 6.92 percent for a 30-year fixed-rate loan, up 3.87 percent over a year. 

At the same time, the price of homes continues to increase with a median price of $405,000, up 11 percent over the year. That’s despite having more homes on the market. 

“There were 829 active listings on the market at the end of the third quarter, 226 more listings than a year ago, a 37 percent increase,” the report continues. 

The full report can be found on the CAAR website.

The cost of newly constructed homes increased to $466,900 compared to $401,440 in the third quarter of 2022. 

Sales were down across all six localities in the CAAR footprint with Charlottesville the steepest drop at 22 percent with 146 sales. 

The full report can be found on the CAAR website. While you’re there, you’ll see that the organization is hoping to raise $10,000 this year for the Blue Ridge Area Food Bank. They are almost halfway there If you want to help them out

Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment comes from the November 2, 2022 edition of the program. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.

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