Virginia Beach Real Estate

South Hampton Roads Real Estate Area 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 South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this May.

South Hampton Roads May 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 4 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 60 days to 78 days. The median sales price decreased 4 percent, while the average sale price increased 2 percent to $294,000.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased making sellers more negotiable and prices remain moderate with only a 2 percent increase over May 2007.

Also read:

Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all South Hampton Roads and Virginia Beach homes for sale.

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

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Comment from: Mortgage Blog UK [Visitor] · http://mortgage-blog.co.uk/

great post. those statistical reports were good, bookmarked this page.

Permalink Jun 25, 2008 @ 4:44 am

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