Average Home Prices Fall by 3.7% but Not for Hampton Roads

The Federal Financing Housing Board released a study of homes sold in the 32 largest metro areas of 2007 and found that prices of homes were down by 3.7% from the previous year.

Of the 32 market studies, 9 had rising home prices and the Virginia Beach metro area (consolidated metro area Virginia Beach-Norfolk-Newport News VA-NC) was among them. The study found the average price of homes sold is up 16.2% from $299,100 to $347,600.

Below are the exact stats from the study for the Virginia Beach metro area:(To view the full study on all metro area, click

Virginia Beach-Norfolk-Newport News VA-NC

TermPurchase Price Home
2006 Fourth Quarter$299,100
2007 First Quarter$289,800
2007 Second Quarter $331,400
2007 Third Quarter$332,200
2007 Fourth Quarter$347,600

The increase in prices for homes sold is indicative of people buying higher priced homes rather than the prices of property being bid up 16.2%. This price increase has also earned the area the number 10 spot in the nation's top 10 most expensive metro areas for housing.

The Top 10 Most Expensive Metro Areas for Housing and their average price for homes sold are as follows:

1) San Francisco-Oakland$649,000
2) San Diego$558,300
3) Los Angeles $502,300
4) New York $470,700
5) Washingon, DC $464,500
6) Seattle $425,500
7) Portland$367,400
8) Sacramento $362,100
9) Miami$358,100
10) Virginia Beach $347,600

It is interesting to note that of the 10 top above, Seattle, Portland and Virginia Beach saw an increase in housing prices while the rest of the top 10 saw a decline in theirs.

Source: http://www.heraldtribune.com/article/20080217/REALESTATE/802170666/1537


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