22 Jan 2014

South Hampton Roads Home Sales Volume Up; Prices Flat

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There was some mixed news out of South Hampton Roads yesterday when Virginia Beach-based Real Estate Information Network, Inc. released its monthly report on home sales. Overall, the market saw a 13.8 percent increase in sales in December 2013 compared with December 2012. Overall, home sales were up approximately 10.4 percent for the year in Virginia Beach, Norfolk, Suffolk, Portsmouth, and Chesapeake collectively.

Despite the positive numbers, home prices are remaining fairly flat. The median home price in the region inched up to $195,000 by the end of 2013 which was only a 2.6 percent increase for the entire year. Economists and agents have pointed to cuts in defense as well as a high number of distressed properties as the reason for the slow rebound in prices. It is unclear as to what the actual percentage of distressed properties is in South Hampton Roads due to conflicting reports.

Stay tuned to the Virginia Real Estate Blog as we continue to monitor residential and commercial real estate news from across the state.

Source: http://virginiareblog.com/2014/01/15/south-hampton-roads-home-sales-volumn-up-prices-flat/