The D.C. Examiner reports that sales of existing homes in the D.C. area are continuing their downward trend:
RICHMOND, Va. (Map, News) - New and existing home sales declined by double digits in July compared to the previous year, according to industry figures.
Nearly all 24 regions of the state reported declines, the Virginia Association of Realtors reported.
In addition, pending sales were down 16.7 percent in July from one year ago, according to the association. Pending sales track the number of sales under contract and are a sign of future activity. Actual sales typically take a couple of months to close.
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Northern Virginia, the most expensive area in the state, reported sales down slightly less than 5 percent. The median sales price was $480,000 in July, up from $476,450 a year earlier.
In Prince William County, sales were down nearly 35 percent - among the steepest declines in the state.
Much of this can be attributed to sellers, who either still haven’t figured out that the days of constantly rising real estate prices are over, or who are trapped in a financial situation that doesn’t allow them to drop the selling price to a level the market will bear.
Let’s face it folks, the days of selling a townhouse for $ 400,000 are gone, at least for now.
