Industry News

East Coast real estate sales cool

Virginia home values post double-digit growth

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Home sales in Virginia and Massachusetts began to slow in September, while prices continued to outpace those from a year ago, according to the Realtor associations in those states. Virginia's home sales may be starting to show greater balance between buyers and sellers, with numbers for the month of September showing a modest decrease, according to the Virginia Association of Realtors. In September, 11,662 sales closed in Virginia, down 0.3 percent from 11,694 sales in September 2004. The September 2005 figure represents a 20.4 percent decrease from the 14,658 sales reported in August. The areas showing the greatest increases in closed transactions during September included the Charlottesville area, Harrisonburg-Rockingham, the Chesapeake Bay & Rivers area, the Northern Neck, Richmond and South Central Virginia. Virginia's median existing-home price for September was $182,450, up 10.9 percent from the year-ago price of $164,475. The median is a typical market price where ha...