The real estate industry has been showing signs of sustained growth over the past year.
That’s good news for an industry that has been in a severe contraction since the recession of 2007-2009.
Residential investment grew by double digit rates in the nation over the past four quarters ending with the 2013’s second quarter, according to the gross domestic product report released last week.
The second quarter housing report released by George Mason University for the Richmond Association of Realtors points to improvements in the Richmond metro area market as well.
Sales in the greater Richmond area — a broader statistical area of four cities and 12 surrounding counties — rose 12 percent compared with the same period in 2012.
In the Tri-Cities area, home sales grew at a double-digit rate in the second quarter compared with a year ago in all jurisdictions except Dinwiddie County.
The average days that a home was on the market before it is sold also has continued to inch downward in the broader statistical area. It is now 57 days compared with 76 day two years ago.