Virginia Beach Real Estate

Portsmouth Sales Statistics - July 2008

Portsmouth residential sales decreased by 27 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 58 days to 71 days. The median and averages sales prices increased, 1 percent and 2 percent, respectively, bringing the average sales price to $191,650.

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

The Portsmouth real estate market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.

Portsmouth Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Virginia Beach Real Estate: Portsmouth Market Report June 2008
Virginia Beach Real Estate: Chesapeake 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. 

Search all Portsmouth and Virginia Beach homes for sale.

Find out what your home is worth.

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

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