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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Housing prices fall again

The median sales price for a Fredericksburg-area home dropped in October for the fourth-straight month, according to data released today by Metropolitan Regional Information Systems Inc. The median sales price of $227,875 was the lowest since March 2004 in the Fredericksburg area–which includes the city and Caroline, King George, Stafford and Spotsylvania counties. That median sales price was down 22 percent from October 2007.

There was some good news in the numbers. The number of houses sold last month in the area, 310, was a 24.5 percent improvement from last October. The total number of homes listed on the market continued to drop and is now lower than it’s been since March 2006. This appears to be due to a combination of fewer homes being newly listed and more sales. Also, the number of sales financed by bank loans grew last month, while there were fewer government-backed loans.

See tomorrow’s Free Lance-Star for the full report. 

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Permalink: http://news.fredericksburg.com/businessbrowser/2008/11/10/housing-prices-fall-again/