Virginia Beach Real Estate

Portsmouth Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It's the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. "Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said.

Let's take a look at the Portsmouth real estate market activity to see how the spring market is shaping up.

Portsmouth May 2008 Sales Statistics

Residential sales in Portsmouth dropped by 49 percent in May compared to May 2007, while the average market time remained relatively unchanged, with market times of  57 days vs 58 days. The median sales price increased 14 percent and the average sale price increased 6 percent to $195,657.

What do these statistics mean for Portsmouth real estate buyers and sellers?

Portsmouth residential sales are starting pick up, which is good news for sellers and buyers should get into the market before prices jump even more.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

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Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

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Comment from: Howard [Visitor] · http://www.propertyhouse.org

Interesting trend - signs of a recovery?

Are foreclosures dropping?

Permalink Jun 28, 2008 @ 11:30 am

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