The December 2016 seasonally adjusted unemployment rate in the Commonwealth is 4.1 percent, which is below the current national rate of 4.8 percent. The Virginia labor market remains strong as does regional production. Several positive items are likely playing a role. Sale prices and other real estate market outcomes depend upon a variety of factors influencing buyers and sellers. Additionally, 51 percent believe that conditions will improve over the next year and 17 percent believe that the market will decline. Sixty-two percent of Virginians believe that the condition of the real estate market has improved since last year, while 12 percent believe that it has worsened. Figure 1 shows the real estate indexes for the Commonwealth.
This index value means that 38 percentage point more respondents feel optimistic than pessimistic about the market today, up almost eight points since last quarter. The first quarter overall Current Conditions index value is 38.7, over eight points above the index average and the highest value on record. The Virginia Real Estate Index started in the third quarter of 2013. Overall sentiments about the condition of the Virginia real estate market remain strong, and opinions about the current market are at an all-time high. Market remains strong across the Commonwealth, record high sentiment
