As we all know, economic activity has a direct effect on housing in our area. Let’s take a look at what’s happening with a West Virginia market snapshot June 2017.
West Virginia Market Snapshot – June 2017
- Overall, the median listing price for houses in the state rests at $123,000, according to Realtor.com. Homes are closing slightly above listing price at $124,000. In the Martinsburg area, the median listing price is higher, with homes asking prices at $180,000.
- Median days on the market averaged 57 in May 2017, so houses are turning over faster than in May 2016, which saw an average days on the market rise to 76.
- Housing starts totaled 3,000 in April, which marks a decrease from the same month last year. According to CoreLogic Information Solutions, home values in West Virginia depreciated 1.3% in March, but that represents the state as a whole. In metro-areas, housing prices declined slightly over the prior year.
- Mortgage delinquencies, which are defined at payments more than 90 days in arrears, came in at 1.56% for April 2017. This marks a decline in delinquencies of 0.3% over the previous year.
- The state’s unemployment rate is presently higher than the national average, at 4.7% for April 2017. However, this marks an improvement over recent months, and payroll employment rose slightly.
- Jobs in trade, transportation, utilities, education and health services were added, resulting in the modest job growth.
West Virginia Housing in the News:
In a really exciting development, In June, U.S. Senators Joe Manchin and Shelley Moore Capito announced that programs across the state will be granted $28 million from HUD, with Martinsburg receiving a Community Development Block Grant of $274,833, a HOME Investment Partnerships grant totaling $341,540, and the state overall granted several more million dollars with an Emergency Solutions Grant, Housing Trust Fund, and Housing Opportunities for Persons with AIDS. All grants will go toward various developments to assist with affordable housing for West Virginia residents. Exciting stuff!