Virginia Beach Real Estate: South Hampton Roads Market Trends

Modest near-term movement is expected in Hampton Roads real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. "The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy," he said. Furthermore, Yun said location has never mattered more than in the current market. "Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even... [read full story]