PilotOnline, May 16th Article; Region's April home sales are up 10.9 percent
Home sales in South Hampton Roads continued to pick up in April, but the median price of existing homes was essentially flat, according to a report released Wednesday.
Buyers purchased 1,150 existing homes in South Hampton Roads last month, up 10.9 percent from the 1,037 bought in April 2012, according to the Virginia Beach-based Real Estate Information Network, the region's multiple-listing service.
The median price of existing homes came in at $189,950, up only $50 from April 2012.
Still, "the housing market seems to be recovering," said Vinod Agarwal, economics professor at Old Dominion University. "Sales volumes are up. Prices have not gone up as much," but they have increased nearly 4 percent year to date.