Richmond VA, Real Estate Report
While a few residential real estate agents reported somewhat slower growth in home sales, most told us that both home sales and prices strengthened since our last report. Housing markets in Virginia were particularly robust; a Richmond agent reported "great" home sales in July, while a contact in Virginia Beach said he had never seen a stronger market. Residential real estate markets in the Washington, D.C., metropolitan area showed continued strength as well, although the pace of activity was not as frenzied as in the spring. An agent in Washington, D.C., said that multiple offers on homes for sale were still common, and that condominiums selling for prices in excess of $500,000 were moving particularly well. A contact in Fredericksburg, Va., however, noted that while the market there remained busy, it was taking "maybe a bit longer to sell properties." Real estate agents in several towns in the Carolinas said that housing markets were generally stable; a Greenville, S.C., agent said there were lots of homes on the market and they were being sold relatively quickly. House prices continued to move higher in most areas of the District.
Commercial real estate agents reported little change in Fifth District leasing activity in June and early July. Demand for office and retail space remained strong in most areas but the onset of summer vacations made closing deals a little more difficult. "There is still a lot of business going on out here; it just takes a little longer to get stuff done when summer rolls around," noted a contact in Columbia, S.C. Despite robust demand for lease space and investment properties, agents said that price increases for both had begun to moderate during the last six weeks, and most contacts said they expected only modest increases in rents in the near future.
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Commercial Real Estate 
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