Jul 21, 2011
Virginia housing market poised for Q3/Q4 improvement
21 Jul 2011
Posted by Andrew Kantor
Last year at this time, we were coming off a mini sales boom thanks to the imminent ending of the Federal Home Buyer Tax Credit — which, of course, makes this year’s numbers for Q2 look dismal by comparison. An unfair comparison, of course, but it’s not unexpected.
Following that mini boom, though, was a mini bust, as sales fell when that tax credit expired. And that means the next two quarters are going to look mighty nice.
Here’s a chart showing what we mean (click to enlarge, of course):
See how that green line (last year’s sales) drops after June? That’s probably not going to happen this year, so expect some good next in the coming months.
Prices, meanwhile, continue to decline — another thing that isn’t entirely unexpected:
You know what you should do? Check out VAR’s complete Q2 Home Sales Report. It’s free; just click here.