US real estate market report shows rise in home prices in Virginia

HAMPTON ROADS, Va. — HAMPTON ROADS, Va. — A new report on the U.S. housing market was released Tuesday from the Federal Housing Finance Agency (FHFA) home price index.

The report notes that Virginia home prices increased 7.1% from the second quarter of 2023 to the second quarter of 2024. Over the past five years, that figure has been nearly 56%.

News 3 wanted to know what happens to the people who buy, sell or even just think about it.

Joy Mills, a real estate agent with AtCoastal Realty, explains how to navigate the current Hampton Roads market.

“I think we have a lack of inventory for people who are looking right now. It's harder for people to find the home they want in the price range they need it in,” Mills said.

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Fortunately, after years of decline, we may be seeing a turnaround. But if you're looking to buy a home for the first time, it's not going to get any easier, according to realtors.

The latest report from the FHFA shows that home prices in the U.S. increased by 5.7% last year. As of the first quarter of 2024, prices increased by 0.9%.

The latest report from Virginia Realtors shows that the median home price fell 1.2% from $431,500 to $426,000 from June to July.

With interest rates rising, real estate agents are expecting light at the end of the tunnel.

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“Before the pandemic, when interest rates were still normal, in those fives, fours or fours, we seemed to be heading in that direction again. I don't have a crystal ball and I can't predict it, but we have higher hopes. Depending on what you're looking for, it depends on whether the market has enough for you,” Joy added.

While there is still uncertainty in the market, waiting for things to improve can be frustrating. With the latest housing market report coming out on Tuesday, Joy believes housing prices will rise if material costs continue to rise.