A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Suffolk, Smithfield & Isle of Wight real estate market activity to see how the spring market is shaping up.

Suffolk, Smithfield & Isle of Wight May 2008 Sales Statistics

Residential sales in Suffolk, Smithfield & Isle of Wight dropped by 53 percent in May compared to May 2007, while the average market time climbed 26 percent, with market times of  107 days vs 85 days. The median sales price decreased 1 percent and the average sale price decreased 3 percent to $307,316.

 What do these statistics mean for Suffolk, Smithfield & Isle of Wight real estate buyers and sellers?

Suffolk, Smithfield & Isle of Wight residential sales have not started to pick up. This is good news for buyers, as sellers remain more negotiable.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Suffolk, Smithfield & Isle of Wight and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

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Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.