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Richmond RE Market Entering Period of Balance

As of this writing the National Home Builders Association has reported that new home sales are down 13% from June 2022 to July 2022, and down 30% year over year. 

Nationally, home sales are down for the sixth month since January 2022. However, home prices have not fallen, but are still up 8% year over year since  July 2021. The Richmond real estate market continues to out-perform the national real estate market with a shortage of available existing homes for sale.  This factor has kept home prices in the Richmond real estate market stable and still on a slight increase year over year since July 2021 with the average existing home sale price at 5% above asking price. As of this writing the Richmond real estate market seems to be entering a period of balance between buyers and sellers.  This situation makes buying a home a bit easier and less competitive for home buyers, while offering home sellers a reasonable price for their home. 

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