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VA Housing Market (WRP)RR- WED PM


VA Housing Market WRP  
 
 
 
 
Virginia realtors say the housing market is on the rise. Rocio Rivera has more.

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A new report in the Commonwealth could indicate the housing market is on the upswing. Virginia Realtors Economist Ryan Price tells WAVY more homes were sold this April than last April.

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But Price warns affordability for many people is still unattainable. Interest rates are still around 7%, making it hard to own a home for many. And current home owners are choosing to stay in their homes longer, with lower interest rates, which is leaving little to no inventory for first-time buyers. Price says in order to stabilize home prices, we need more inventory and lower interest rates which both seem very unlikely right now. I'm RR.  
 
 
 
 
 
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Posted: 05/22/2024 9:12:15 ET ATL

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