Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, July 8, 1990 TAG: 9007090273
SECTION: HOMES PAGE: E4 EDITION:
SOURCE:
DATELINE: LENGTH: Short
Frances Bridge, spokeswoman for the Roanoke Valley Association Board of Realtors, said many people moving into this area are renting apartments because they can't sell their homes in other cities.
She said that means local houses are staying on the market longer before they are sold.
The Multiple Listing Service reported that 317 houses changed hands in June compared to 359 during the same month last year. The May figure was 313.
Bridge said the median price was $67,500, which is low for the Roanoke market. She said that indicates most buyers are looking for their first home rather than moving up to a more expensive one.
She said 259 of the houses sold in June cost less than $100,000. There were 53 between $100,000 and $200,000, and five over the price of $200,000.
Bridge is optimistic about sales this summer if interest rates stabilize. She said the current interest is 9 7/8 percent plus two points, a drop from the 10 3/4 percent and two points of several weeks ago.
On a state level where May home sales figures are the latest available, sales are comparable to a year ago. There were 6,947 homes put under contract in the state in May against 7,112 of May 1989, a drop of 2 percent.
Only five areas of the state showed a gain over sales a year ago for the month and the five-month period of January-May. They were Harrisonburg-Rockingham County, New River Valley, Portsmouth-Chesapeake-Suffolk-Franklin, Richmond, Southside Virginia and Williamsburg.
by CNB