Copyright (c) 1994, Landmark Communications, Inc.

DATE: Tuesday, July 26, 1994                 TAG: 9407260347
SECTION: BUSINESS                 PAGE: D2   EDITION: FINAL 
SOURCE: ,STAFF REPORT 
                                             LENGTH: Short :   40 lines

SURVEY SHOWS PENDING-HOME SALES FELL 7 PERCENT IN VIRGINIA HAMPTON ROADS ALSO HAD FEWER CONTRACTS IN JUNE 1994 THAN IN THE SAME MONTH IN 1993.

   Pending Virginia home sales for June were down 7 percent from the same 
month last year, a new survey reports.
   The Virginia Home Sales Survey, released by the Virginia Association of 
Realtors last week, shows that 5,543 new and existing homes were placed under 
contract last month. That compares with 5,929 in June 1993.
   Contracts are also down in Hampton Roads.
   There were 1,447 pending single-family homes sales on the Southside for 
June 1994 compared to 1,794 for the same month last year. On the Peninsula 
there were 408 sales for June 1994 compared with 512 from last June.
   ``When you compare summer to spring, there's a seasonal fluctuation,'' said
Lisa Noon, spokeswoman for the Virginia Association of Realtors. ``There could
be people waiting and watching (interest rates).'' 
   Despite the decline, Hampton Roads lead the state in single family homes 
placed under contract for the month and for 1994. 
   So far this year, 34,293 single family homes were placed under contract, a 
0.4 percent decrease from the 34,415 homes for the same period in 1993. 
   Hampton Roads, however, has increased in the amount of pending sales for 
1994. The Southside numbered 8,849 pending sales so far this year compared to 
9,442 last year. Peninsula increased to 2,648 this year against 2,193 for 
1993.
   VAR President Edwin C. Hall said the survey shows that many people are not 
as quick to buy now because of the stabilization of interest rates. 
   Increases in numbers of contracts were seen in 13 of the 26 areas reporting
sales figures, including Bristol, Fauquier County and Fredericksburg, Loudoun 
County, Lynchburg, Richmond, Southside and Southwest Virginia.