Industry News

East Coast real estate sales improve

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Home sales and prices in Virginia and Massachusetts during August posted modest growth from a year ago, according to Realtor associations in those states. In Virginia, home sales for August increased approximately 4 percent from a year ago, according to the Virginia Association of Realtors. Realtors reported 14,650 sales last month, up from 14,116 in August 2004. The areas showing greatest increases in closed transactions included the Charlottesville Area, the Northern Neck, and the Roanoke Valley. Virginia's year-to-date closed transactions were at 96,007, an increase of 5.8 percent from 90,717 reported during the same period last year. Virginia's median single-family home price was $219,400 in August, up 16.2 percent from a year ago. The median is a typical market price where half of the homes sold for more and half sold for less. In Massachusetts, sales of detached single-family homes totaled 5,482 in August, up 2.8 percent from 5,332 sales posted in August 2004, the Massachusett...