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

DATE: SUNDAY, June 4, 1995                   TAG: 9506060031
SECTION: HOMES                    PAGE: C-1   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

HOME SALES STILL RUNNING BELOW LAST YEAR

Pending home sales in Virginia were down 17 percent for April compared to the same period last year, according to the Virginia Home Sales Survey conducted by the Virginia Association of Realtors.

For the month of April, 5,394 new and existing homes were placed under contract compared to the prior April's figure of 6,516, a 17.22 percent decrease.

So far this year, 19,548 single family homes have been placed under contract, compared to 22,406 for the same period last year, a 12 percent decrease.

Increases in number of contracts were reported in Fredericksburg, Harrisonburg-Rockingham, Lynchburg, Martinsville-Henry, Massanutten, Southwest Virginia and Williamsburg.

Thomas N. Innes of Richmond, president of the Virginia Association of Realtors, said 1993 and 1994 brought extraordinary sales in the state because of extremely low mortgage interest rates and pent-up demand.

"This year," Innes said, "we're seeing sales trend back toward what, over time, has shown to be a steady demand for homes in the Commonwealth."

Noting that interest rates have been showing some downward movement, Innes said that "buyers will do well to take advantage of today's low rates. Along with that, our members are reporting an active market, and I think we can look forward to a strong year for home sales in the Commonwealth."

- Staff report

by CNB