Area Real Estate Sales Slump In Third Quarter

The Charlottesville Area Association of Realtors said home sales in the Charlottesville area declined by 2.4 percent in the third quarter of 2017 compared with the same period in 2016, according to a report released Wednesday.

Although mortgage rates remain “enticingly low,” the report states that national sentiment has “given rise to the notion that housing markets are stalling.” Home prices have reached unaffordable levels for new entrants while established owners prove to be uninterested in moving.

That trend tracks in the greater Charlottesville area, which has seen an 8.5 percent rise in median sales prices for homes compared with this time last year, increasing from $237,100 in the third quarter of 2016 to $296,300 at the same time this year.

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