Virginia housing market poised for Q3/Q4 improvement

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):

blog_graph_1

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:

blog_graph_2

You know what you should do? Check out VAR’s complete Q2 Home Sales Report. It’s free; just click here.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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One Response to Virginia housing market poised for Q3/Q4 improvement

  1. small houses says:

    There have been a lot of positive signs in some markets like Denver and Phoenix about rising home sales. But, that said, I don’t see a robust recovery for home sales until people are back to work. High unemployment is a drag on so many areas of the market and home sales is one of them.

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