Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.
The Virginia Association of Realtors held a conference call this morning to discuss third-quarter housing data statewide. You can read the full report here. Statewide the housing market is holding up fairly well. Median sales prices statewide rose slightly in Virginia compared with the third quarter of 2007. But it’s a different story in Northern Virginia, where 80 percent of the state’s foreclosure activity is occurring. In the Fredericksburg area and throughout Northern Virginia, there were double-digit percentage drops in median sales prices last quarter as well as double-digit gains in sales. The trend was most extreme in Prince William County, where home sales rose 144.6 percent last quarter while median sales prices fell 42.4 percent. It seems falling prices are bringing out buyers. For more on this story, see tomorrow’s Free Lance-Star.