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Lower Rates, Higher Home Sales

February 5, 2002

Home sales Activity In Virginia Jumped Nearly 10 Percent In 2001

Inman News Features

The Virginia Association of Realtors announced that home sales were 9.7 percent higher in the state last year than they were in 2000.

Closed home sales rose to 103,160 in 2001 from 93,990 in the prior year. Approximately 106,930 homes were listed for sale compared with 94,830 during the previous year, an increase of 12.8 percent.

"Low interest rates were a major factor throughout the year," said Ann Palmateer, president of the 22,000-member Realtor group.

Approximately 6,380 homes were placed on the market in December, a 23 percent increase over the 5,180 homes put up for sale in December 2000. Closed sales for December 2001 were up 18 percent to 8,330 compared with 7,060 for the previous year?s December.

The median home sale price in the state was $138,714 in December 2001 and $134,190 in December 2000.

Copyright: Inman News Service

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