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 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.
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