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Housing prices reach 2002 levels

Topic: Real Estate news

Median housing prices in the Fredericksburg region fell to their lowest point in almost nine years in February, according to data released by Metropolitan Regional Information Systems Inc.

The areaís median sales price last month was $167,250, which was about 16 percent below the median from February 2010. It hasnít fallen that low since March 2002, which was before the housing market took off.

The falling prices in the region - Fredericksburg and Caroline, King George, Spotsylvania and Stafford counties - could have as much to do with the type of houses that are selling these days as they do with people lowering their prices.

About 26 percent of the houses that sold through the Multiple Listing Service last month were cash deals, a sign of investor activity. About a third of the sales were foreclosures.

Just four of last monthís sales in the region were for more than $500,000. Only 12.5 percent of the sales were for more than $300,000.

February isnít traditionally a strong month for housing sales. The 270 homes that sold last month represented a four-month high and a slight improvement over February 2010.

New pending sales last month were up 34 percent from February 2010, a possible sign of improvement in the months ahead.


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