Helped by the availability of government-guaranteed mortgages, the pace of home sales in South Hampton Roads accelerated in July.
The number of transactions climbed 5 percent from June's total to 1,324, while the median sales price remained stable at $249,900, according to the Real Estate Information Network Inc. in Virginia Beach. The median is the point at which half the prices are higher and half are lower.
Despite the improvement, the region's home sales last month were still down almost 18 percent from the 1,611 total for July 2007, according to REIN, the multiple listing service for real estate agents in Hampton Roads. Its figures included sales of new and existing single-family homes and condo units.
Moderately priced, single-family homes accounted for most of the sales activity last month, said Sarah Taliaferro, managing broker at the Norfolk office of Prudential Decker Realty, on Thursday.
"When you have a downturn, it's the inexpensive, single-family homes that continue to sell," Taliaferro said, recalling similar market conditions during the early 1990s. Demand for more expensive homes has weakened from what it was last year, she said, while sales of condo units depend heavily on a unit's location.
Greater use of government-guaranteed loans, especially VA and FHA loans, has alleviated the pressure that tighter mortgage-lending standards have imposed on home buyers, she noted.
The upturn in sales for the region - including Virginia Beach, Norfolk, Chesapeake, Portsmouth and Suffolk - reflected a National Association of Realtors' report on Monday that the annual sales rate for existing homes nationwide rose 3 percent last month from the rate for June.
In South Hampton Roads, sales of existing homes were up 2.3 percent between June and July, while the median sales price climbed 3 percent to $240,000, according to REIN.
Still, home sales in the region for the January-through-July period were down more than 22 percent from the comparable period last year, according to REIN. The median price for the seven months through July was down only 2.8 percent from the year-earlier period.
Tom Shean, (757) 446-2379, tom.shean@pilotonline.com
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Can we go a little more in depth when putting out figures
Ethan, it seems they never address any depth behind the numbers especially real estate no., only surface reporting. Go to a real estate person and let them spew out the numbers and run the article.
Ah Mostly
Ah MostlyC, I heard that it used to be different but didn't know what bill made the change.
The article in no way addresses if people are now getting much better values for the money. What if the median sales price is the same as people max out what they qualify for, but instead of spending $200K for a dilapidated townhouse with the roof dripping off the front or a condo built by illegal immigrants with paper thin walls... is the same $200K now getting a single family detached residence with the normal lipstick (Tiles n granite n stainless steel appliances n different colored walls)? Price per square foot?
Remember.. 2001 prices is where things will revert to.
Used to be all loans
You used to be able to deduct all loan interest until the Gephardt/Bradley tax reform bill in 1986.
Hmm
50th percentile asking price in Hampton Roads is $299K. Still got a long ways to go down. Raleigh's 50 percentile asking prices is $259K. Washington DC is $330K. Locally bank owned home sales are through the ROOF. Suckers catching knives, they cut when they fall. Idiot gov't stepping in to bail out the cheaters. SAY NO TO GOVT BAILOUTS!! LET THE INVESTORS EAT THEIR LOSSES INSTEAD OF THE TAXPAYERS. Also, we need to eliminate tax deduction of mortgage interest, or allow all loan interest to be tax deductible. Also, with any luck we will have 10% interest rates soon. That would be awesome.