The Virginia Association of Realtors posted the article, “Q4 2011 Home Sales: Steady As She Goes” on January 24, 2012
As we conclude 2011 and head into 2012, Virginia’s housing market will likely continue to stabilize, due to factors like low interest rates, rising residential rental rates, and an improving household balance sheet based on increases in household saving habits.
Highlights:
- Home sales increased in nearly every region of Virginia when comparing the fourth quarter of 2011 to the fourth quarter of 2010. Despite a 9% decline in Northern Virginia, five of Virginia’s seven regions experienced a sizable increase in home sales, the most substantive in Hampton Roads / Chesapeake Bay area with a 12.9% increase.
- After slightly inching upward in the third quarter of 2011 to a median price of $235,000, home values declined to a median price of $220,000 in the fourth quarter of 2011. It is important to note, however, that a decline between the third and fourth quarters is the normal trend in Virginia.
- The Commonwealth witnessed a remarkable 26% decline in foreclosures when comparing the fourth quarter of 2011 to the third quarter of 2011. The Roanoke / Lynchburg / Blacksburg region was the only area of the Virginia to experience an increase in foreclosures during the fourth quarter of 2011.
- Virginia has experienced a slight decline in its unemployment rate from 6.5% in third quarter to 6.2% in fourth quarter 2011.
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