Job growth continues in Virginia’s economy. There were 8,800 additional jobs added statewide between April and May 2024.
Virginia’s unemployment rate fell to 2.7% in May 2024 (not seasonally adjusted). This is down from 2.8% in May 2023. In the CAAR region, the unemployment rate was 2.3% in May, which is down from 2.4% a year ago.
The average rate for a 30-year fixed mortgage was 6.77% in the third week of July 2024. This is down slightly from the same time last year (6.78%), but up from the start of 2024 (6.62%).
Sales activity moderated in the CAAR regional housing market this quarter. There were 1,100 homes sold region wide in the second quarter, which is 48 fewer sales than a year ago, reflecting a 4% decrease.
Upward pressure on home prices continues to be a factor in the region. The median sales price in the CAAR footprint during the second quarter was $460,050, climbing 3% from a year ago, a $14,150 gain.
The inventory of active listings expanded this quarter. There were 786 active listings on the market at the end of the second quarter in the CAAR area. This is a 10% increase from this time last year.
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