Nov. 20, 2006 - Home Sales Fall in 38 States in the Summer

Home Sales Fall in 38 States in the Summer, National Association of Realtors Reports

Monday November 20, 10:38 am ET
By Martin Crutsinger, AP Economics Writer  

WASHINGTON (AP) -- Sales of existing homes fell in 38 states during the summer, led by steep declines in Nevada, Arizona, Florida and California, as the once-booming housing market showed further signs of a steep slowdown.
 
The National Association of Realtors reported that sales dipped to a seasonally adjusted annual rate of 6.27 million units nationwide, down by 12.7 percent from the same period a year ago. 

The declines were the largest in once-booming areas of the country. Sales fell by 38 percent in Nevada, 36 percent in Arizona; 34.2 percent in Florida and 28.6 percent in California.

In all, nine states had sales declines in the summer of 20 percent or more compared to the third quarter of 2005.

The weakness in sales also affected prices with 45 metropolitan areas experiencing price declines, according to a separate survey the Realtors did of 148 metropolitan areas.

The price survey showed that the median -- or mid-point -- price for an existing home sold in the third quarter dipped to $224,900, down 1.2 percent from a year earlier.

Sales rose in 10 states and in two states -- New Hampshire and Vermont -- the Realtors did not have available data.

The nationwide 12.7 percent fall in sales was from a summer 2005 pace of 7.18 million units, which was the second highest in history. The all-time record sales pace was an annual rate of 7.19 million units set in the April-June quarter of last year.

Sales of both existing and new homes set records for a fifth consecutive year in 2005 but have been falling steadily this year as conditions in the housing market have deteriorated.

The plunge in housing shaved a full percentage-point off economic growth in the July-September quarter with economists predicting a similar reduction in the current quarter.

But David Lereah, the Realtors' chief economist, said he believed the decline in prices in formerly red-hot areas of the country was setting the stage for a rebound next year.

"With the market in full transition, buyers now have choices and sellers are more willing to negotiate," he said. "Under these circumstances, it's no surprise that overall home prices are slightly below a year ago."

National Association of Realtors: http://www.realtor.org

Nov. 17, 2006 - October 2006 Residential Statistics for Fauquier County, VA

October 2006 Residential Statistics for Fauquier County, VA

By Keith Elliott Jr.

As a Realtor, I am frequently asked about the direction of the Real Estate Market. While I wish I could provide definitive answers, any guesses I would make would be a disservice to my customers. I can however, provide information on the recent performance of the market.

The information provided below indicates the October 2006 Residential Statistics for Fauquier County as they compare to last year. Differences in statistics are easily changed by the supply and demand in inventory as much as changes in the interest rates and overall marketplace.

We do see a slight improvement in the market trend over last month. In addition, Buyer activity is picking up in some areas. If you are considering listing your home or purchasing a new one feel free to give me a call at 540-272-9012 for a free no-obligation consultation.

Sincerely,

-Keith

Period: 10/01 – 10/31                                               2006                            2005

Average days on market for Units Sold:                       108                               55

The new listings for the month:                                     197                              208

The total active properties for sale:                               821                             519

The total properties under contract:                               51                                74

The total closed:                                                           55                                78

Total Dollar Volume Sold:                                  $28,462,070                   $35,622,033

Average Sold Price:                                               $517,492                       $456,693

Median Sold Price:                                                $340,000                       $423,450

Keith M. Elliott Jr.

Realtor®, e-PRO®

Commercial Specialist®

Senior Real Estate Specialist®

www.MyRealtorKeith.com