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Statewide home sales report increase
The second quarter of 2008 proved to be better than the first for the Virginia state housing market, according the the Virginia Home Sales Survey published by the Virginia Association of Realtors.Some highlights:
More than 24,000 homes were sold across the state in the second quarter, representing an increase of 49 percent over first quarter sales.
Sales and contract activity were still down, compared with 2007. Sales were down 13 percent between the second quarter of 2007 and the second quarter of 2008. Pending sales were down 20 percent over the same time period.
The Dulles area showed an increase of 7 percent in sales activity.
After dramatic increases in sales over the 2000-2005 period, the number of sales in the second quarter of 2008 is similar to what was seen in 2000.
Median home prices were up 6 percent statewide.
Local markets in Northern Virginia are experiencing dramatic changes in sales and contract activity. Total sales and pending contracts nearly doubled in some parts of the region in the second quarter.
Foreclosures continue to rise across the state but they are most prevalent in Northern Virginia. The sheer number of foreclosures and short sales continues to put downward pressure on prices, but also brings new home buyers into the market.
- Compiled from the Virginia Association of Realtors Web site
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