Our quarterly home sales report for transactions completed between January 1 – March 31, 2010 is out this morning.  The highlights:

The median price of a Virginia home was up 8.9% over the same quarter last year, but down 1.5% from the previous quarter (October – December 2009).

  • The number of home sales was down a fraction of a percent compared to the first quarter of 2009, but down 34% from the fourth quarter of 2009. Why this huge drop? The fourth quarter of 2009 had an unusually high number of transactions, probably due to the home buyer tax credit that was set to expire on November 30.
  • Statewide, inventory has trended downward for 20 consecutive months.
  • Foreclosures decreased by 2.4% from Q1 2009 to Q1 2010, but increased by 6.1% from Q4 2009 to Q1 2010. A potential ray of home about  about foreclosures: Northern Virginia has posted two consecutive quarters of declining foreclosure rates. It’s still too early to tell, but because that region tends to signal the beginning of statewide trends (Virginia’s foreclosure problem first appeared there), we could be witnessing the beginning of the end of the foreclosure mess.

Get the full report and past versions at VARealtor.com/HomeSales.

Here are some of the press reactions (we’ll add more as we find them):

(photo credit)