Published: April 23, 2009
The sale of previously-owned homes in Virginia fell 4.7 percent in the first quarter from the same period a year ago, according to a report released this morning from the Virginia Association of Realtors.
The median sales price, with half the houses selling for more and half for less, was $223,221, down 14.1 percent from the year-earlier period.
But the price was up 7.8 percent from the last quarter of 2008, indicating that prices may have reached bottom and are rising.
The number of unsold homes on the market at the end of March nationally fell 1.6 percent from a month earlier to 3.7 million. But due to the slumping sales pace, it would still take almost 10 months to rid the market of all of those properties.
via Reports cite Va., U.S. home sales declines | Richmond Times-Dispatch.