
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, December 6, 1994                   TAG: 9412060065
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

ROANOKE REGIONAL ECONOMIC INDICATORS

The number of homes sold in the Roanoke Valley dropped sharply in November, according to the Roanoke Valley Association of Realtors. The association reported that 239 houses were placed under contract for sale last month. That's a drop of 28.6 percent from 335 in November 1993 and a decline of 19.2 percent from 296 in October.

Tim Garrison, president of the association, said he believes that "the increase in interest rates had some effect on November sales."

Homes were on the market an average of 86 days before they sold. Median value of a home sold in November was $93,950, up steeply from $85,950 in October and $86,900 a year ago. That suggests more people were moving up into second or third homes, instead of being first-time home buyers.

by CNB