First time home buyers re-entering the market last year, especially in Va. Beach and 

Chesapeake, has created an inventory shortage in many lower price ranges. This in turn 

has freed up many "move up buyers" who had previously been unsuccessful in selling. 

This has caused inventory levels to fall in higher and higher price ranges across our market. 

*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved

During the past 12 months 19,176 homes have sold, a 10.5% increase from the previous 12 month period.

In August there were 1,925 homes sold, a 5% increase from the previous month's levels.

The following chart shows the total number of homes for sale by month for the past 2 years. There 

are currently 11,300 homes for sale, which is 16% lower than the same time last year . 

The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows. Year to date the average price of homes sold is up 1.7% from the same time period last year.

Positive signs of a housing recovery exist on a national level according to NAHB

List of Improving Housing Markets Expands to 99 in September 

September 10, 2012 - The number of improving housing markets across the country rose to 99 in September, according to the National Association of Home Builders/First American Improving Markets Index (IMI), released today. This is up from 80 metros that were listed as improving in August and includes representatives from 33 states as well as the District of Columbia. 

The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Markets added to the list in September include such geographically diverse locations as Tucson, Ariz.; Jacksonville, Fla.; Springfield, Ill.; Greenville, N.C.; and Bend, Ore. 

“This solid growth is an encouraging sign that housing continues on a slow but steady recovery path that is gradually advancing from one local market to the next.” 

*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved 

During the past 12 months 18,806 homes have sold, a 9.9% increase from the previous 12 month period.

In July there was a slight month over month decline in total homes sold for the first time this year, but

sales levels were significantly higher than at the same time last year as they have been every month this year.

The following chart shows the total number of homes for sale by month for the past 2 years. There

are currently 11,509 homes for sale, which is 17.5% lower than the same time last year . 

This is the fewest number of properties for sale in August since 2006.

The monthly average price for homes sold continues to hold steady, up almost 17% from the January lows. Year to date the average price of homes sold is up 1.4% from the same time period last year. Mortgage rates continue to set new records, falling to 40 year lows. With conventional 30 yr. fixed rates as low as 3.5% for many borrowers, all housing 

affordability indexes continue to be at record levels even as home prices stabilize.

*Market Data courtesy of REIN, analysis by Rose and Womble. Deemed accurate but not guaranteed. Copyright 2012 All Rights Reserved 

Reporting as of March 5, 2012. 

During the past 12 months 18,366 homes have sold, a 6.5% increase from the previous 12 month period. 

In February 1261 homes sold, a 12.5% increase from January's total, and a 20% increase year over year.

There are currently 2175 residential properties that are under contract but have yet to close.

The following chart shows the total number of homes for sale by month for the past 2 years. There

are currently 11,555 homes for sale, which is 19% lower than the same time last year . 

This is the fewest number of properties for sale in January since 2007.

Distressed properties continue to be a significant part of the Hampton Roads real estate market. 

Currently 22% of all properties listed for sale could be classified as distressed, meaning they are 

bank owned, government owned, or subject to a short sale. Of the properties that sold in February 

32% were distressed . That is a large , almost 7%, decrease from the previous month's total. 

Housing High Point: Pending Sales of Existing Homes Up to Nearly Two-Year High 

More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the housing industry’s 

*Market Data courtesy of REIN, deemed accurate but not guaranteed. Copyright 2012. All Rights Reserved 

There is a housing inventory of 8.0 months which is considered a normal buyer's market,

characterized by moderate downward pressure on prices. There is a strong seasonal element 

to inventory levels but this is a major decrease from the 9.8 months supply in October of 2010.

Although the decrease in absorption rates is encouraging, these lower levels have been caused

more by a decrease in active listings than by an increase of sold properties.

Distressed properties continue to be a significant part of the Hampton Roads real estate market. 

Currently 21% of all properties listed for sale could be classified as distressed, meaning they are bank owned, 

government owned, or subject to a short sale. Of the properties that sold in June 32.8% were distressed . 

This marks the first month over month increase in 5 months. 

Sales Price versus New Listing Price The following chart includes the average price of homes sold by 

month over the past year, as well as the average price of all new listings taken during the month. 

A widening gap between the two indicates a disconnect between sellers and buyers over pricing. 

Conversely, a narrowing means new listings are being priced more in line with current sales.

Mortgage rates continue to be at historical lows, providing extreme purchasing power to 

buyers in the marketplace. In September the 30 year fixed rate mortgage dropped below 4% 

on several occasions. Many capable buyers have been holding off on purchasing a home

in the hopes of timing the market or "buying the bottom". The potential risk in this strategy is the

significant effect a rise on mortgage interest rates will have on the true "cost" of purchasing a home.