Virginia Beach Real Estate: South Hampton Roads Market Trends June 2008

Modest near-term movement is expected in Hampton Roads real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. "The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy," he said.

Furthermore, Yun said location has never mattered more than in the current market. "Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans."

Let's take a look at the South Hampton Roads real estate market activity, including Chesapeake, Norfolk, Suffolk, Portsmouth, Smithfield, Isle of Wight and Virginia Beach real estate for this June.

South Hampton Roads June 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 27 percent in June compared to June 2007, causing the average market time to increase 18 percent, from 65 days to 77 days. The median sales price decreased 6 percent, while the average sale price decreased 7 percent to $290,741.

 What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all South Hampton Roads and Virginia Beach real estate listings.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008