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Local housing market receives positive news

By Brendan King, WDBJ7 Intern Reporter, news@wdbj7.com
Published On: Jul 17 2013 05:24:48 PM EDT
Updated On: Jul 17 2013 05:56:09 PM EDT
Housing market
ROANOKE, Va. -

New numbers from the Roanoke Valley Association of Realtors show the average price of homes sold in June is the highest since 2008.

Factors for the higher prices include a low number of foreclosures available on the market and a higher consumer spending confidence than years past.

The Association President tells us the number may be skewed higher because of the sale of highly priced homes at Smith Mountain Lake, but it's good news for the area overall.

"What goes on in housing is so detrimental to what happens in the economy and I look at our number and, of course, I want to sing praises," Association President Betty Kingery said.

We did some checking with average selling prices around the New River Valley. Counties throughout the area saw the same increases over the past year.

The New River Valley as a whole saw an increase of 3.8% in average home prices as compared to last year.

The average number of days a home is on the market also dropped from 109 days to 69 days.