ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Sunday, March 17, 1996                 TAG: 9603190017
SECTION: HOMES                    PAGE: D-2  EDITION: METRO 

HOME SALES DOWN 2.5% FROM JANUARY A YEAR AGO

The year in Virginia started off with home sales figures just slightly behind last year's numbers, according to the home sales survey published by the Virginia Association of Realtors.

Through January, 3,764 homes were reported under contract in the state, a 2.59 percent decrease from last year's figure of 3,864.

The association said closed sales were more promising, with 3,505 contracts closed in January, a 3.73 percent increase over last year's 3,379.

"Home sales are seasonal, and the winter months are traditionally less active," said Barbara M. Wolcott of Virginia Beach, president of the association.

"We're fortunate that mortgage rates continue to remain low," Wolcott said. "That, along with a relatively strong economy in the Commonwealth, leads us to believe that 1996 will be another good year for real estate."

In January, the average market time for home sales was 95 days, while the average price of a single-family home was $116,086, up from last year's average of $105,468.

Increases in pending home sales for the year were seen in seven of the 23 areas reporting sales activity, including Blue Ridge, Danville, Harrisonburg-Rockingham, Martinsville-Henry, Southwest Virginia, Tidewater and Virginia Peninsula.

LENGTH: Short :   33 lines
ILLUSTRATION: GRAPHIC:  Chart by staff: Regional homes sales.