THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, October 31, 1995 TAG: 9510310302
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Short : 37 lines
Local home sales remained steady through September, compared with 1994 levels, despite being down for the month, according to a survey by the Virginia Association of Realtors.
Pending sales for the year through September totaled 17,115, a 1.85 percent decline from the same period in 1994. But September home sales of 1,756 were off 38.5 percent compared with 2,856 in September 1994.
Pending sales - homes under contract that have not closed - are the best local indicator of home sales.
``I think there's not as much urgency among the home-buying public because rates have been low for so long,'' said Lisa Noon, spokeswoman for the Virginia Association of Realtors.
Mortgage rates for 30-year conventional loans range from 7.25 percent to 8 percent, Noon said. Fifteen-year mortgage rates are about 7 percent, and 1-year adjustable rate mortgages are about 5 percent.
On average, a house in South Hampton Roads sells for $112,791 and is on the market 63 days. On the Peninsula, a house sells for $113,927 and is on the market 89 days.
Pending home sales in the state lagged behind sales for the same period in 1994.
In September, 4,799 new and existing homes were placed under contract in Virginia, down from 4,811.
Noon said she expects home sales to come close to 1993 and 1994 totals.
KEYWORDS: HOME SALES by CNB