Morning Briefing: Virginia realtors report $2.7 billion of sales

by Steve Randall23 Nov 2015
Virginia realtors report $2.7 billion of sales
Sales of residential property in Virginia hit $2.7 billion in October as pace and price outperformed 2014. The Virginia Association of Realtors reports that sales were up 5 per cent year-over-year by dollar value and that every month of 2015 has exceeded the equivalent month in the previous year. Sales by volume were up by 2.83 per cent in October compared to the same month in 2014. The median price was up 1.54 per cent over the year to October and reached $250,000.

“Year-over-year improvement in Virginia’s residential real estate market is apparent in our October sales figures,” said VAR President Bill White. “Upward pressure on rental rates continues to encourage first time buyers into the market, and both new buyers and refinancers are able to take advantage of relatively low financing costs to enter or upsize.”
 
This home links the Osbournes, a Working Girl, the Cowardly Lion
A home with a definite celebrity pedigree has gone on sale in Beverly Hills. The house, built for Bert Lahr – best known as the Cowardly Lion from The Wizard of Oz – has been home to a list of Hollywood A-listers in the years since. Ozzy and Sharon Osbourne, Melanie Griffith and Don Johnson, Paul McCartney and Betty Grable have all lived at the home according to Realtor.com. Clothing executive Guy Attal is the current owner and although he has spent millions of dollars remodeling the home since he bought it in 2000 for $2.55 million he stands to make a massive profit … the property is listed at $28.5 million!
 
Rent increases slowing
The pace of rent increases is beginning to slow according to new data. In its October Real Estate Market report Zillow says that nationally rents increased by 4.5 per cent in the month compared with 5.3 per cent in September. A supply of new apartment buildings eased the pressure on renters although overall monthly payments are still often high compared to mortgage repayments. Of course the national picture belies conditions in the hottest markets; San Francisco rents were up 15.2 per cent in October, although even there the pace was slower than the 19 per cent seen at the start of the summer. Portland (11.2 per cent), Denver (11.1 per cent) and San Jose (11 per cent) also saw double digit rent increases in October. The slowest pace of increases was in Cleveland, at 0.3 per cent, followed by Chicago (1.4 per cent) and Washington, DC (1.7 per cent).
 

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