Harrisonburg & Rockingham County July 2008 Real Estate Report


Harrisonburg & Rockingham County July 2008 Real Estate Report
By Scott Rogers • August 3, 2008
While the pace of home sales continues to be low compared to 2007, home prices continue to increase at a modest rate. Both median and average home sales prices in July 2008 showed an increase over July 2007 by 2% and 4% respectively. When examining the year to date (1/1/2008-7/31/2008 versus 1/1/2007-7/31/2007), both median and average home sales prices in 2008 showed an increase over 2007 by 4% and <1% respectively. Despite a slower rate of home sales, buyers are committing to properties this year at a similar pace as in 2007. During July 2008, buyers ratified contracts on 94 properties, as opposed to 98 properties in July 2007 -- this is only a 4% year over year decline. Following the seasonal trend of the past several years, July 2008 home sales were slower than in June 2007. In July 2008, 90 buyers closed on homes in Harrisonburg and Rockingham County, as opposed to the 109 home sales in June 2008. If seasonal trends of the past several years continue, August home sales will likely be slightly higher than July 2008 sales figures. Absorption rates remained relatively unchanged over the past month. The number of months of supply of homes for sale in Harrisonburg and Rockingham County remained relatively unchanged as August 2008 begins, as compared to the start of July 2008. Lower price ranges continue to have show healthier inventory levels as related to buyer demand. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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