Prices for existing homes and the number of homes sold fell last month in South Hampton Roads, according to data released Tuesday by the region's real estate information service.
Virginia Beach-based Real Estate Information Network Inc. reported that the median sale price last month was $218,500 for existing homes, down 5.4 percent from August and 2.8 percent from September 2007. The median is the point at which half the prices are higher and half are lower, and the figure can be volatile month to month.
Last month, 845 existing homes and condos were sold in South Hampton Roads. The pace is down 18 percent from August and 9.1 percent from September 2007.
The report also showed the number of homes on the market in all of Hampton Roads fell slightly to 14,753. That figure includes the Peninsula and outlying regions such as Williamsburg and northeastern North Carolina.
The number of active listings is still at one of its highest points on record and does not include houses that have been taken off the market by the seller.
The average time on the market for existing homes in all of Hampton Roads was 86 days in September, compared with 66 days during the same month last year.
Dick Thurmond, president of real estate company William E. Wood and Associates, said continued softening of the local housing market is to be expected.
"We're fortunate in this area that we're not having dramatic drops in the numbers," he said.
Thurmond said the recent tumult in the financial markets has made the housing market look relatively tame.
"People are looking at their 401(k) and realizing that it's gone," he said. "The big question is how will the consumer see what's going on in the market. Will they decide this is a good time to get in the housing market?"
The multiple listing service also reported that the number of new homes sold picked up moderately in September while median prices for new homes continued to fall.
The median price for a new home in South Hampton Roads was $284,500 in September, down 17 percent from the same month last year.
The number of new homes sold rose to 199 from 186 a year ago.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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Better news
Actually, the median sale price rose in Va. Beach for resales.
part 2
Yes JH I could be let go from my job, but I *love* my job and it's rewarding because I work for great people who are building a company that is productive to society. I also have great ideas for my own companies in the future that are innovative. Innovation drives the country, not middlemen resellers. Oh, and even though that isn't my industry I've got a good grasp on robotics and automation systems too. Friend had a 2000 pound industrial robot in our garage some time ago, and I've researched PLCs and HMIs for various projects. I have friends that quit their jobs and manufacture products that are sold worldwide. To me, that is cool. House flippers are just HG/TLC wannabes. I've had those days where I profited heavily from reselling things but it's not as rewarding as building things. I'm not sweating for myself, I'm worried what the dumb people in charge will do (they've already done lots of damage).
jh
JH - eventually the music will stop in the game of musical chairs. You flip houses, that doesn't really do much for society. You can brag all you want, but I'm not impressed unless you develop products or services and sell them to overseas markets, bringing money into OUR country. Lots of people lipstick up pigs and flip them, some of them have made $1 billion+. Yes I realize there are people who's emotions get the best of them and they will buy. It might be in the best interest of a few. And yes, I could buy a $400K home if I wanted to, and have pretty much every toy I want (except a few commercial buildings). So congrats on profiting off the less educated.
Ethan and Bubbleboy's doom and gloom!
Yes some housing prices are down in the past year and a half. But while Ethan and Bubbleboy are spelling out their fears, I'm still out there buying houses and reselling them for a profit. So while there are markets that are hurting, less affordable 250K+, I stick to those that are moving and buy low and sell medium fast. So you can listen to someone on the sidelines complaining, or listen to someone who is out there making money in this market. Yes it's possible, yes there is more risk than 4 years ago, this isn't buy any house and sell it in 6 months for 40k more. It's buy right, and fix accordingly and sell at the right price. So while Ethan rents his apartment, I'm buying and selling houses and still making money no matter the market, adept a lot more effort than before. But nonetheless, this local market isn't that bad. At least I can never be fired from my job, can you say the same? People always need a place to live, but a robot might be able to replace you...
How about
How about price per square foot figures for the past 4 years? Are people today getting a (rough estimate) of a better deal than last year? $218K isn't _too_ far off from 3 times the median household income for Virgina Beach, so that is good. Except the figure of $218K is for all cities, and most of the other cities have lower median household income. It's still way too early to buy, because there are upcoming waves of Prime and Alt-A mortgage problems coming. Also, the new govt bailouts encourage people to quit paying mortgages and get free benefits from the govt. In the end, we suffer. Fools ruining our country.