Spring is here and the housing market is continuing to show growth.
Residential active listings rose 3.35% when compared to February 2014. This is the 19th consecutive month that active listings have risen year-over-year, with increases that have ranged from less than 1% to as high as 12%. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach) all but Newport News experienced a year-over- year increase in the number of homes for sale. Chesapeake and Hampton saw the largest spikes at 14.67% and 13.90%, while Newport News declined by 2.24%.
Hampton Roads’ residential pending sales for the month of February rose substantially year-over- year, up 17.97% as compared to the prior year. All seven of the region’s major cities fostered year-over- year increases, with Hampton and Virginia Beach experiencing the largest gains of 36.08% and 30.07% respectively. February marks the 9th consecutive month that residential pending sales have risen year- over-year. A significant and steady increase in pending sales should result in higher settled sales over the next few months, assuming all transactions conclude satisfactorily.