Virginia housing market shows signs of returning stability

We’ve released the 4th Quarter 2011 Virginia Home Sales Report, and for the second consecutive quarter there has been an increase in the annualized pace of home sales in Virginia.

Despite the improvement in the long-term sales pace, as shown above, median home prices have continued to decline in most regions of the state.

 

The increases in the pace of home sales have all taken place in price ranges under $200,000 – pictured above – with higher price ranges showing anywhere from a 3% to 24% decline over the past year.

 

Foreclosures have declined over the past quarter in almost all regions of the state — with foreclosures in Virginia declining 26% overall.  The most significant decreases in foreclosures took place in Southwest Virginia and the Central Valley region.

 

Tremendously low interest rates (shown above) and a declining unemployment rate in Virginia are good indicators that we should see greater stability through 2012.

 

Download the full 4th Quarter 2011 Virginia Home Sales Report below as a PDF.

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One Response to Virginia housing market shows signs of returning stability

  1. John Slocum says:

    The home sales in my local market (Vancouver WA) is showing similar patters, with the sales brisk in the median to below median price ranges, while very sluggish in the upper price tiers. We also ended up with 50.6% or more of the sales as Distressed Properties (includes Flips be auction purchasers). It is tough to generate sales momentum when so many empty homes are in the equation.

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