Just released: Virginia housing stats quarterly analysis

First the bad news: Statewide, home sales in Virginia were down 27 percent in the first quarter of 2008 compared with the first quarter of 2007. The statewide median sales price is also down nine percent for the same period. A possible national recession, foreclosures on the rise, tight credit markets, potential federal legislation--all of these factors make it difficult to predict where the market is going.

Here's the good news: Some areas of the Commonwealth saw a double-digit increase in the median sales price in the first quarter, including Charlottesville and Lynchburg. The state's mid-sized metros (Hampton Roads, Richmond and Roanoke) saw their median home prices unchanged over the same period. Virginia's housing market is performing better than many other states, and our diverse economy is a key factor in Virginia's ability to weather a downturn.