When the federal home buyer tax credit ended in mid 2010, many real estate markets across the United States started to falter and decline. Virginia was not immune to this effect, as home sales between July 2010 and November 2010 were significantly below the same months during the prior year. This effect can be seen above in the striped area between the 2010 home sales (green) and the 2009 home sales (purple).
The good news, however, is that Virginia’s housing market seemed to pull out of that effect by December 2010. As can be seen above, home sales in December 2010 through March 2011 have been very similar to the same months during the prior year.
Interested in more details about the real estate market in Virginia? Read the entire First Quarter 2011 Virginia Quarterly Home Sales Report.