July 30th, 2015 
WV Housing Market on a Roll
WV Housing Market Heats up Summer 2015
As July ends and August begins, the WV housing market continues to rise like the temperature.
Existing home sales jumped by 3.2 percent in June to a level the country hadn’t experienced since 2007. Here at home, the trickle effect is growing. Increased number of homes sold, continued price appreciation and historically low interest rates continue to pave the way for one of the hottest seasons for the West Virginia housing market, ever.
More and more families are diving into the inviting pool of home ownership. And why not? The sun is hot, the water is cool and as we predicted back in March, now is the opportune time. Whether you’re a first-time home buyer or a veteran home buyer, now is certainly the time to buy.
Mortgage rates in West Virginia are better than most, with the average 30-year rate nearly on par with the national average. Just last week, rates through the WV Housing Development Fund dropped to 2.81 percent, the lowest level in the agency’s history.
Housing costs remain low across the Mountain State. The median price of a home in West Virginia is the lowest in the country at $94,500: Just another reason to buy. Keep in mind the average cost of a home in the US is $189,000.
Due to these factors, West Virginia is considered a top pick for first-time homeowners. See our article on that here.
Need some more reasons to jump into the housing market? Try the current interest rate on for size. The nation sits at 4.1 percent for the popular 30-year fixed mortgage. However, great rates like these don’t last forever. Investors and federal representatives continue to imply the rate will increase as the year rolls on.
RealtyTrac Vice President Daren Blomquist believes the housing market recovery is still tentative, and could be temporary with the rate increases looming in the future.
“I think this market is still very interest-rate sensitive and fragile,” Blomquist said. “If we see interest rates go up, the kind of boom we were seeing in the first half of the year could quickly disintegrate as homes become less affordable with higher interest payments.”
Due low interest rates, the availability of affordable housing, state assistance, the variety of loan products and home appreciation, West Virginia has the highest home ownership rate in the country, according to U.S. Census Bureau data. The pride of home ownership is alive in the Mountain State. More than 73 percent of homes in West Virginia are owned by their occupants.
While other states have endured loss during the past decade, the WV housing market has grown. According to data from GoBankingRates, the share of new first-time homeowners increased 57.6 percent between 2003 and 2013, while foreclosures have remained low at less than one percent in 2015.
We’ve said it once and we’re sure we’ll say it again: If you’re wishing to buy or sell a home in West Virginia, now’s your time.
By Justin Waybright and Chuck Boggs
