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July local housing numbers Date published: 8/11/2011
BY BILL FREEHLING The number of actively listed homes in the Fredericksburg area hit a six-year low in July, There were 1,719 homes on the market in the Fredericksburg area at the end of July, according to data released yesterday by Metropolitan Regional Information Systems Inc. That was down 18 percent from July 2010. The low inventory levels could be a sign that people aren't listing their homes due to depressed prices, or that banks are holding on to their "shadow inventory" of foreclosures rather than selling and locking in losses. But it's also a potential sign of increased balance between supply and demand. If that continues, it should support prices and increase demand for new homes. That would be music to the ears of area home builders, who through May had filed for about 26 percent fewer building permits for single-family detached homes in the Fredericksburg area compared with the first five months of 2010. There were 370 homes sold through the Multiple Listing Service in July in the Fredericksburg area, up slightly from July 2010. That means there was about a 4.7-month supply of homes, which is generally considered a healthy level. It was 3.7 months in Stafford County. The median sales price About a fifth of the July sales through the MLS were foreclosures. Homes spent an average of 77 days on the market before selling, which was the lowest number of the year. Homes sold at about a 6.5 percent discount to list price, the smallest discount thus far in 2011. New pending sales were up 21.4 percent year-over-year. As in past months, many people--about 31 percent of the homes sold through the MLS in the Fredericksburg area--used loans from the U.S. Department of Veterans Affairs to buy homes. The Fredericksburg area comprises the city and Caroline, King George, Spotsylvania and Stafford counties. Bill Freehling: 540/374-5405
Date published: 8/11/2011
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