Sales of existing homes dropped in 38 states during the summer, with Virginia showing the sixth-sharpest decline.

Sales were down 24.4 percent here in the third quarter from the same period a year ago, according to figures released Monday by the National Association of Realtors.

Nevada led the country with the sharpest decline, with sales falling 38 percent, followed by Arizona, down 36 percent; Florida, 34 percent; California 28.6 percent; and Hawaii, 25.8 percent.

Nationally, existing home sales fell 12.7 percent compared with the same period a year ago.

Consumers are more cautious, Kit Hale, president of the Virginia Association of Realtors, said in a VAR report about slower September sales.

“The good news is that there’s a larger selection of homes to choose from for buyers, and even though sellers might see a longer market time, the two factors will help keep downward pressure on home prices,” Hale said.

Despite slower sales overall, “many of our Realtors tell us that their business is still quite good, and some are even indicating slight increases in activity,” he said.

In the national survey, 10 states showed sales increases. Data were unavailable for Vermont and New Hampshire.

The cooler housing market comes after five consecutive record-setting years for new and existing home sales.

“Last year, we had a record sales market and historically tight supplies of homes with buyers bidding over the asking price,” said David Lereah, NAR’s chief economist.

“With the market in full transition, buyers now have choices and sellers are more willing to negotiate. Under these circumstances, it’s no surprise that overall home prices are slightly below a year ago.”

He said he expects lower prices to continue for the next couple of months but rise modestly in most of the country next year.

Weaker sales led to lower prices in 45 metropolitan areas, according to a price survey of 148 metropolitan areas.

The median U.S. home price, with half selling for more and half for less, dipped to $224,900, down 1.2 percent from a year earlier.

Despite slower sales statewide, prices in the Richmond area continued to rise, according to a separate NAR survey also released Monday. The median price in the Richmond area rose 7.9 percent to $231,400. In the Virginia Beach, Norfolk and Newport News area, the median was up to $243,800. And in the Washington area, it was down to $431,900.

The largest percentage increase was in the Salem, Ore., area, where the median rose 24.7 percent to $228,000. The Detroit area took the biggest hit, with the median price down 10.5 percent to $154,100.

The most expensive area was San Francisco, where the median was $749,400. The least expensive were Decatur, Ill., and the Youngstown-Warren-Boardman area of Ohio and Pennsylvania — both at $86,000.

Source:

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