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

DATE: SUNDAY, January 22, 1995                   TAG: 9501280014
SECTION: HOMES                    PAGE: E-1   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

HOME SALES IN VA. OFF 4.23% AT YEAR'S END

The year-end figures for the state's home sales were just slightly behind last year's numbers, according to the Virginia home sales survey published by the Virginia Association of Realtors.

Through December, the association said, 61,407 homes were reported under contract, a 4.23 percent decrease from last year's figure of 64,122.

"Although we had hoped for another banner year in home sales, 1994 was still an excellent year for home sales in the commonwealth," said 1994 association president Edwin C. Hall of Roanoke.

"With the economy showing steady growth and interest rates still around 9 percent as we move into 1995," Hall said, "we're looking forward to a busy year for Virginia's realtors."

Sales were down 17.9 percent in December, with 2,945 for the month compared to 3,588 for the same period last year.

For the first half of the year, the survey showed, pending sales were up over last year. Quarterly figures showed an increase of 13.32 in the first quarter and 2.38 percent in the second quarter.

The second half of the year began to show a decline as mortgage interest rates began to rise. Pending sales were down 1.62 percent in the third quarter and 4.23 percent in the fourth.

Increases in pending home sales for the month of December were seen in six of the 26 areas reporting sales activity. That included Bristol, Lynchburg, Martinsville-Henry, New River Valley, Richmond and Staunton-Augusta.

Highest increases for the year were reported in Bristol, Danville, Massanutten, the Northern Neck and Southwest Virginia.