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Danville, VA Local News

Danville, VA - Newest New Home Sales Stay Level

Posted on: Apr 09, 2012 07:21:10 PM

New home sales in the Danville, VA market stayed the same year-over-year in December, staying flat after advancing year-over-year in November from the year earlier. Sales remained level at none from a year earlier after the figure moved from none in November 2010 to one in November 2011.

A total of two new homes were sold during the 12 months that ended in December, equal to the number of new homes sold for the year that ended in November.

Following a year-over-year increase in November, sales of new and existing homes slid year-over-year in December.

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Other Market Trends

Foreclosures and real estate owned (REO) sales continued to rise in December from a year earlier and remained a drag on the market. Combined, foreclosures plus REO sales accounted for 48.5% of existing home sales, above 25.6% a year earlier. The percentage of existing home sales involving foreclosures rose to 18.2% in December from 4.7% a year earlier while REO sales as a percentage of existing home sales rose to 30.3% from 20.9%.

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