
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, April 2, 1995                   TAG: 9504040067
SECTION: HOMES                    PAGE: D-1   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

VA. HOME SALES DECLINE

Pending home sales in the state declined 9.64 percent in February compared to last year's figures, according to the Virginia Home Sales Survey conducted by the Virginia Association of Realtors.

February's figures indicated that 4,460 new and existing homes were placed under contract compared to the prior February's figure of 4,936. For the first two months of the year, sales are off by 7.24 percent from last year.

The average price statewide was $98,751, down from $103,674 last year, and properties were on the market for an average of 90 days.

Some of the increases in the number of contracts were seen in Bristol, Harrisonburg-Rockingham, Fredericksburg, Lynchburg, the New River Valley, Staunton-Augusta and Williamsburg.

The Roanoke Valley was off slightly for February but up marginally for the year. Southwest Virginia, composed of Washington, Smyth, Russell and Wise counties, saw declines of 16.28 percent for the month and a steep 34.38 percent for the year to date.

"The good news is that mortgage rates should be fairly stable this year," said Thomas N. Innes of Richmond, president of the Virginia Association of Realtors. "Along with that, there appears to be modest decreases in home prices, which will help to keep affordability conditions on an even keel."

by CNB