Home sales in Virginia dropped for the sixth consecutive month in February, as home-price appreciation posted stronger than normal gains, the Virginia Association of Realtors reported Tuesday.
Closed sales fell 9.5 percent in February to 7,109, down from 7,856 for the same month last year. Year-to-date, 13,818 home sales have closed, 12 percent less than last year’s year-to-date total of 15,743.
Areas showing increases in closed transactions for the month included Harrisonburg-Rockingham County, Lynchburg, Martinsville/Henry County, Massanutten, Chesapeake Bay & Rivers, Richmond, Southwest Virginia, Hampton Roads, and the Greater Augusta County area.
Virginia’s median existing-home price for February soared to $190,125, up 23.1 percent from a year ago when the median price was $154,400. The median is a typical market price where half of the homes sold for more and half sold for less.
In February, 8,998 homes were placed on the market, down 16 percent from the same month last year. So far this year, 16,746 homes have been placed on the market, a 17 percent drop from 20,236 homes during the same period last year.
The Virginia Association of Realtors represents more than 37,000 Realtors active in all phases of real estate brokerage, management, development and appraisal.
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