CHRISTIANSBURG (WSLS 10) - Single-family home sales rose last month, reaching the highest national level of new home sales in nine years. In Virginia, sales totaled more than 11,000 in July.
These new home sales continue to emphasize the growing strength in the housing market, as sales continue into what is typically considered a slower time of year. Real estate experts say the housing market continues to recover, but is bouncing back at a slow enough rate that the progress will hold and continue to build.
Susan Erickson, with the New River Valley Association of Realtors, says the progress all started back in February 2015.
"It really was all of a sudden," she says. "It was like the buyers had been waiting and once the spring market started, there were multiple offers, there were competitive offers and it really was gung-ho."
It's an upward trend that has continued over the past year, with another strong spring in the NRV. Sales in the first month of 2016 were up 3% over the same time period last year.
Erickson says within the housing market, there are certain price range pockets that seem to be hotter than others-- with houses selling just days or weeks after being listed on the market.
"In the $200,000 to $300,000 range in Blacksburg, that is a very hot market," she says. "Even $300,000 to $400,000 is a hot market where the minute you get a listing you have multiple hits."
She says homes that haven't been listed in a while are also very popular with buyers, those are the ones they seem to be most interested in.
Elsewhere in the New River Valley-- big sales as well, with Floyd County home sales up 45% this year. Those houses are staying on the market for an average of about 90 days before being sold.
Whether you're looking to buy or sell, experts say there is incentive for both sides of the market this fall.
"I would not hesitate if I were a seller, because inventory is low," says Erickson. "It's lower this summer than it was a year ago at this time. That creates more demand if you're a seller. For buyers, you're at a low interest rate and the market isn't as crazy as it is in the spring, so it gives you more leverage in buying a home."
A lower interest rate like we're seeing now could change your mortgage payment by as much as $50 to $100 a month. Experts say an interest rate increase is likely this year and could come as soon as September.