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April housing numbers Date published: 5/11/2010
BY BILL FREEHLING The April 30 federal tax credit deadline appears to have driven a flurry of contracts being signed on houses last month in the Fredericksburg area, according to data released yesterday. There were 685 pending housing sales in April in the Fredericksburg area, the most since July 2005--which was during the peak of the housing boom. Pending sales include contracts and contingents. Pending sales were up 13 percent in the area compared with April 2009, according to the data from Metropolitan Regional Information Systems Inc. First-time home buyers were able to get an $8,000 federal tax credit if they signed a contract on a house before April 30. There were also credits available to certain existing homeowners who bought another home. The sales must close by June 30 to qualify for the credit. Area median sales prices also rebounded to $207,000 in April, up 8 percent from a year ago. The median was in the same general price range as it has been since about the beginning of 2009. There were 351 sales completed last month in the Fredericksburg area--the city and Caroline, King George, Stafford and Spotsylvania counties. That's up about 4 percent from a year ago. Sales activity is likely to increase in the next couple of months if the pending deals come through as planned. About 31 percent of the April sales were foreclosures. The number of homes newly listed in the area picked up in April. There was about a seven-month supply of homes on the market at the end of the month based on April's sales activity. Houses spent an average of 76 days on the market compared with 110 a year ago. The average sales price was 92.5 percent of the list price, up from 87 percent a year ago. Government-backed financing is still being used for the majority of deals. Bill Freehling: 540/374-5405
Date published: 5/11/2010
Lets see where the market is in a couple of months before we get all giddy and happy that it is rebounding. One alright decent month is really nothing more than a lite beer burp of joy. Time will tell and just wait till the feds bring back the $8000 tax deal again.
They have been selling McMansions all along and building 3 more right now. Welcome to the jungle.....
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