April 22, 2008
Roanoke home sales down 16 percent
I recently received the Roanoke Valley Multiple Listing Service report for April in my mailbox. Always interesting information, and usually gets me in trouble. So here goes:
The Roanoke Valley Association of Realtors reported 406 residential units sold in March, which is down 16 percent from last March and is the lowest March total since 2004. The average home price for the month was $198,142, which is up about 4 percent over last March.
At March's pace, and with a housing inventory of 3,750, according to the association, there is a current absorption rate of slightly more than nine months - considerably down from February's 12.9 months.
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