HAMPTON ROADS, Va. — HAMPTON ROADS, Va. — A new report from the Federal Housing Finance Agency (FHFA) House Price Index came down Tuesday about the housing market in the U.S.
The report notes that, from the second quarter of 2023 to second quarter 2024, home prices in Virginia rose by 7.1%. In the past five years, that figure has been nearly 56%.
News 3 wanted to know what's happening for folks buying, selling or even thinking about it.
Joy Mills, A realtor with AtCoastal Realtyshares how you can navigate the current market in Hampton Roads.
"I believe we have an inventory shortage for people who are currently looking. It's harder for people to find the house they're looking for in the price range that they need it in" said Mills.
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Luckily, we may be seeing a shift following years of decline. However if you're trying to become a first-time homeowner, realtors say it's not getting any easier.
The latest report from the FHFA shows house prices in the U.S went up 5.7% over the last year. Prices were up 0.9% from the first quarter of 2024.
The latest report from Virginia Realtors shows from June to July the median price of a home dropped 1.2% from $431,500 to $426,000.
When it comes to rising interest rates, realtors expect some light at the end of the tunnel.
Watch: Mortgage rates reach 15-month low
"Before the pre-pandemic back when interest rates were normal, in those fives, fours, numbers, it seems we were trending back in that general direction. I don't have a crystal ball and I can't predict it, but we do have higher hopes. Depending on what you're looking for, is whether the market is going to have enough for you" said Joy added.
While there is still uncertainty in the market, waiting on it to improve can be frustrating. With the latest report on the housing market coming down Tuesday, Joy says she believes home prices will go up, if material cost keep going up.
