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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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Fredericksburg-area housing report for June

The Fredericksburg-area housing market continued to show signs of strengthening last month, with median prices hitting their highest level since August 2008.

The median price of a house sold through the Multiple Listing Service was $233,050 in the region in June. That was up about 10 percent from June 2011, according to data from Metropolitan Regional Information Systems Inc.

Median prices have now gone up for three-straight months. Area Realtors say higher prices will allow more people who are under water on their homes to list the properties.

There were 396 homes sold in the area through the MLS in June, which was down about 13 percent year-over-year. June is typically one of the strongest months for local sales. Foreclosures represented about 18 percent of overall sales that month.

Otherwise most of the indicators were positive for the local housing market in June.

Homes spent about 63 days on the market on average before selling, and sold for only about a 4 percent discount to list price. Those levels were last seen locally in 2006.

There were 1,476 homes actively listed on the market locally at the end of June, or about a 3.7-month supply at last month’s sales clip. Five months is typically considered a good balance between supply and demand.

The Fredericksburg area comprises the city and Caroline, King George, Spotsylvania and Stafford counties.

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Permalink: http://news.fredericksburg.com/businessbrowser/2012/07/10/fredericksburg-area-housing-report-for-june/