July 11–Despite fewer homes on the market, home sales increased 16.7 percent in Newport News in June compared with the same month last year, according to the latest report.
The median sales price for existing resale homes also increased by 18 percent in Hampton, by 21 percent in Poquoson and by 23 percent in York County in June compared with June 2017, according to the Real Estate Information Network Inc. report.
The existing homes median sales price dropped 11 percent in Gloucester but increased 11 percent in the Smithfield area.
The number of homes for sale on the Peninsula dropped 7 percent from 3,229 in June 2017 to 2,999 in June, according to the report.
From January to June, Peninsula home sales increased 6.7 percent and the median sales price of existing resale homes increased 5 percent, according to the REIN data.
In Hampton Roads, distressed sales like foreclosures or short sales accounted for 7.89 percent of home sales in June, which is the lowest percentage since August 2008, according to the REIN report. Distressed homes accounted for 9.48 percent of all residential active listings in the region in June.
This article provided by NewsEdge.