The Virginian-Pilot
©
Home sales in South Hampton Roads rose in November compared with year-ago levels while home prices remained well below last year's, according to a report released Monday.
The Real Estate Information Network, the Virginia Beach-based multiple listing service, reported that 853 existing homes were sold last month, down 1.5 percent from October but up 5 percent from November 2010. It was the fifth consecutive month of year-over-year sales volume increases.
Distressed sales played a major role in all of Hampton Roads last month, accounting for 33 percent of November's sales. Those sales include foreclosures and sales by homeowners whose homes are worth less than their mortgage balances.
While that's a significant portion of the total sales, distressed properties as a percentage of the monthly sales volume were down compared with the nearly 36 percent of sales in November 2010.
The median price was $181,500 last month, up slightly from October but down 11.6 percent from a year earlier, the local listing service reported. Last month marked the 12th consecutive month of year-over-year declines in median existing home prices.
Meanwhile, the number of homes for sale across the region fell. Last month, 12,162 homes were on the market, down 2.8 percent from October and 17.3 percent from a year ago. The inventory is the lowest since January 2010.
At the current sales pace, it would take a little more than eight months to sell the backlog of homes. Six months of inventory is considered normal.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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Not only are sales up,
Not only are sales up, year-over-year, but inventories are at the lowest since 2007. Concerning the comment that sales were lower in November than December, that pattern is typical due to seasonality. There is no way to spin this as anything but good news.
Why the need for spin?
This is a factual story about an industry suffering through unprecedented challenges that have been ongoing for several years. Assume you meant to refer to the comparison of November to October. The underlying story is the loss of jobs in the housing industry and the devastation on families who have lost their homes. There is no good news for all the people affected, and it will take much better news to get the housing industry and all the related fields back to merely below average numbers, much less thriving again.
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Josh, You have to be a little more positive in your reporting!
My god five straight months of increased real estate sales! My man, that is news and good news at that. Couldn't you have the editor do a bit stronger headline! Homes are selling that helps the economy and creates a ripple effect as buyers outfit their homes with new furniture and carpet as well as do remodelling! Sellers can purchase new homes either down sizing or up sizing and again its good for the exchange of dollars. Exchanging dollars means increased employment. THIS IS GOOD NEWS!
headline and article spot on
There is nothing to be "excited" about with this modest positive trend. November sales were actually lower than in October. A 5% increase over one year ago levels is still basically a state of depression for the housing market. And did you notice that the median sale price is down 11.6% from one year ago? Sellers are taking a beating. Yes, the slight positive trend is welcomed, just as is the accurate reporting. Let's save the fireworks for news that is worthy.
There you have it
Glass is half full, glass is half empty. Which side will you spin toward? VP will always spin toward the negative.
VP fanned the real estate
VP fanned the real estate bubble fire all the way to the top. They fanned it with pleasure, quoting all the sales people as some sort of industry experts that are going to tell it like it really is.
It's good that homes are selling, but remember we've seen around 3 million foreclosures of a possible 9 million+. Banks still sitting on tons of inventory, and prices still aren't where they should be - 2001 levels or below.
I spin to the facts
The story was accurate and the presentation was fair. Can you identify how this story "spins" to the negative?