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

DATE: SUNDAY, July 9, 1995                   TAG: 9507100141
SECTION: HOMES                    PAGE: C-2   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

STATE HOME SALES FOR MAY DROP 3.62%

Pending home sales in the state were down 3.62 percent for May compared to the same month last year, according to the Virginia home sales survey of the Virginia Association of Realtors.

"Historically, home sales peak in the spring, so the fact that sales are down just 3 percent from last year is reassuring," said Thomas N. Innes of Richmond, president of the association.

He said last year's sales were unusually strong with low mortgage rates and pent-up demand. "It indicates that the home buying market in Virginia is responding to the lower rates we're now seeing and taking advantage of an opportune time to buy a home," Innes said.

For the month of May, 6,097 new and existing homes were placed under contract compared to last May's figure of 6,326.

So far this year, 25,739 single-family homes have been placed under contract, compared to 28,749 for the same period last year, a 10 percent decrease.

Increases in number of contracts were seen in Danville, the Dulles area, Fredericksburg, Harrisonburg-Rockingham, Lynchburg, Martinsville-Henry, Massanutten, Middle Peninsula, New River Valley, Prince William, Southside Virginia, Virginia Peninsula and Williamsburg.

The average sale price in the state for May was $101,171, down from $112,331 for May of last year. Average number of days on the market was 85.

by CNB