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

DATE: SUNDAY, April 30, 1995                   TAG: 9505030008
SECTION: HOMES                    PAGE: D-1   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

HOME SALES IN STATE DROP IN MARCH

Pending home sales in the state are down 11.1 percent over last year's figures, according to a monthly survey conducted by the Virginia Association of Realtors.

Through March, the association said, 14,126 homes have been put on the market compared to 15,890 for the same period last year, an 11.1 percent decrease.

Monthly figures for March indicate that 5,870 new and existing homes were placed under contract compared to last year's figure of 6,949, a decline of 15.53 percent for the month. However, some areas, such as Bristol and New River Valley, experienced gains.

"Rates are about the same as they were this time last year - in the 8.25 percent range," said Thomas N. Innes, president of the association. He noted that the current figure "historically is a very good rate and down from a month ago."

Innes said that "we don't anticipate rates changing a great deal over the year, and that, combined with a stronger economy, will contribute to steady home sales through much of the year."

The average sales price for the state for March was $99,982, down from last year's $101,444. Listings were on the market an average of 102 days.

by CNB