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Industry News

East Coast real estate markets continue strong

August 2, 2004

Sales, prices soar in Virginia, North Carolina

Inman News

Home sales in Virginia and North Carolina soared in June from their year-ago levels, according to Realtor associations in both states.

In Virginia, 15,295 transactions closed during the month of June, up 17.2 percent compared to 13,046 closed sales during the same time last year, the Virginia Association of Realtors reported.

Year-to-date, closed sales were up 12.3 percent in Virginia, with 63,028 contracts closed compared to last year's 56,146.

Nationally, the median existing-home price was $191,800 in June, up 9.6 percent from June 2003 when the median was $175,000. The median is a typical market price where half of the homes sold for more and half sold for less. In June, the average market time for home sales was 98 days in Virginia, and the average sales price was $224,240, up 15 percent from last year's $194,588.

Sales of existing homes in North Carolina were red hot in June, contributing to an already record-breaking year for the resale market. According to statistics compiled by the North Carolina Association of Realtors, 11,875 residential units were sold in June, an increase of 31 percent from sales posted in June 2003. The average existing-home sales price was $202,665.

Year-to-date sales through June 2004 totaled 52,495 units; an increase of 24 percent from sales posted in the first six months of 2003. The average sales price went up 6 percent during the same time period to $191,873.

Areas of the state with the strongest year-to-date sales growth and price appreciation were primarily along the coast. Jacksonville took the highest honors, followed closely by Brunswick County, Wilmington and the Outer Banks.

Copyright: Inman News Features

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