Wednesday, May 21, 2008
Existing home sales slow again in April
Area builders have also faced sluggish conditions, prompting at least one to offer creative incentives.
Sales of used homes in the Roanoke region fell to 337 units in April, down 23 percent from a year earlier.
The report by the Roanoke Valley Association of Realtors reflects continued market softness that began more than a year ago.
Monthly sales -- measured by real estate closings of deals involving a real estate agent -- have been off on a year-over-year basis for 14 months.
The average price of existing homes sold stood at $199,350 in April, down from $204,218 a year ago. At this time in 2005, prices were in a period of sustained year-over-year growth.
Nearly 3,900 homes are on the market in the region from which the data was taken, which includes the Roanoke Valley, Craig County and parts of Bedford and Franklin counties.
While homeowners find it relatively harder to sell their properties, builders of new homes face slow conditions, too.
Trying to draw interest to a new home, M.W. Dunbar Construction Inc. of Botetourt County is offering a Nissan Rogue or Altima or a Volkswagen Beetle to whoever purchases its latest project -- a 3,700-square-foot home at Ashley Plantation, a luxury subdivision. Dunbar is asking $569,950.
"It's just something we're trying to do to create a little activity," real estate agent Ron Allie said.
The free-car deal was originally scheduled to run through May, but may be extended.




