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LOCAL BUSINESS NEWS

Va. home sales down

10:17 AM EDT on Wednesday, July 26, 2006

Associated Press

RICHMOND, Va. (AP) -- Home sales continue cooling down in Virginia.

The Virginia Association of Realtors reports that closings were down nearly 19 percent in June compared to May, and 15 percent for the year-to-date compared to the same period last year. There were 12,577 closings last month, compared to 15,526 in June of last year.

The realtors association says the areas that saw declines were primarily in northern Virginia and Hampton Roads, with lower sales also reported in the Dan River area, the Massanutten area, the Winchester/Front Royal area, Fredericksburg, and the Greater Augusta area.

Areas where home sales increased last month include Lexington, Harrisonburg, Charlottesville, Lynchburg, the New River Valley, the Roanoke Valley, the Eastern Shore, the Chesapeake Bay area, Richmond and southwest Virginia.

Virginia's median existing-home price for June was just below $215,000 ($214,950), compared to $182,500 for 2005. The median is a typical market price where half of the homes sold for more and half sold for less.

 

(Copyright 2006 by The Associated Press.  All Rights Reserved.)

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