The Virginia residential real estate market has continued year-over-year and longer term improvement according to the Second Quarter 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR). Both the total number of sales and the value of transactions rose from the same period last year, to 34,688 units and $11.720 billion, respectively. Volume – the sum of all transactions for April, May, and June of 2016 – was 8.6 percent higher than the same period last year, and nearly 20 percent higher than the second quarter of 2014. Annualized residential sales, a rolling sum of the home sales closed in the preceding twelve months, rose from 109,574 units in the last quarter to 112,019 (up 2.2 percent). Year-over-year, annualized sales rose by 7.6 percent (from 104,091 in the second quarter of 2015). Consecutive periods of improvement in annualized sales, as demonstrated in Virginia’s market, indicate sustained market strengthening. Boosted by continued low interest rates and increasing seasonal activity, second quarter 2016 sales also rose 7.6 percent from the same period last year, from 32,243 to 34,688.
The VPAR Nominating Committee is accepting applications from the Virginia Peninsula Association of REALTORS® membership for the following 2017 Officers & 2017/2018 Board of Director positions:
President-Elect – 1 year term
Treasurer — 2 year term
Director (3 positions available) – 2 year terms
- NOTE: Any Association REALTOR® member may submit the application of any eligible REALTOR® to the Nominating Committee. The Nominating Committee will only consider candidate nominations completed and submitted on the official VPAR BOARD OF DIRECTORS APPLICATION FORM. Application forms are available from Nominating Committee Members, at www.vpar.org under VPAR Leadership and from the Association Office. You are advised to obtain the candidates acceptance as a nominee prior to submitting his/her name. We encourage you to take an active interest in your Association’s future and participate in this important process. An individual may submit his/her own name.
Home buyers achieve a big victory with passage of reforms to FHA condo loan rules. Thanks to more than 150,000 letters from REALTORS®, easier condo financing is heading to President Obama’s desk for his signature. Other segments in the latest Voice for Real Estate video look at the progress being made to curb so-called drive-by lawsuits that target building owners who might need to make technical changes to their property to comply with the Americans with Disabilities Act. The video also looks at what you need to know if a home you’re selling has surveillance cameras on it.