Virginia home sales fell for the third consecutive month in November, while home prices posted another month of double-digit growth, the Virginia Association of Realtors reported this week.

In November, 9,648 sales closed, an approximately 4.8 percent decrease from 10,129 reported in November 2004. Year-to-date, closed transactions remained slightly ahead of last year, with 126,325 sales closed compared with 124,381 for last year, a 1.56 percent increase.

The areas showing greatest increases in closed transactions included the Charlottesville area, Harrisonburg-Rockingham County, Martinsville-Henry County, Massanutten, and South Central Virginia.

“We expect that seasonal factors and higher mortgage interest rates were responsible for moderating sales,” said VAR President Kit Hale of Roanoke. “The good news is that housing inventory levels are improving and buyers are in a better position to not only have a better selection, but to negotiate the best price as well.”

In November, the average market time for home sales was 87 days, unchanged from the previous month, the association reported.

Virginia’s median existing-home price for November was $197,213, up 20 percent from a year ago when the median was $163,750. The median is a typical market price where half of the homes sold for more and half sold for less.

The Virginia Association of Realtors represents more than 37,000 Realtors active in all phases of real estate brokerage, management, development and appraisal.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
EXTENDED: We're giving you one extra day to scoop your ICNY ticket. Prices go up at midnight. Don't wait.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription