Local Home Values Report
National home sales prices end two-year slide
National home sales data from the third quarter indicate that housing prices are pulling out of a two-year decline. Although increases for October and November are more modest, notable increases during those months indicate significant real estate market improvement, since home sales are typically more brisk during the summer months.
Locally, home sales in November surpassed October sales, according to data supplied by the Harrisonburg/Rockingham Association of Realtors. The uptick is largely attributable to the U.S. government’s home buyer tax credit which was scheduled to end November 30, 2009. The credit has now been extended to homes purchased by April 30, 2009. (See related story).
The relative stability of the central Shenandoah Valley real estate market has minimized volatility in local home values. (See related story on understanding statistical analysis.)
| Local Home Sales | Median Sales Price | Average Sales Price |
| 3rd Quarter 2008 | $199,900 | $225,726 |
| 3rd Quarter 2009 | $190,000 | $215,437 |
| Percent Change | 5% decrease |
4.6% decrease |
Source: Harrisonburg/Rockingham Association of Realtors
