Lynchburg-area existing-home sales saw slight decline in third quarter

Lynchburg-area home sales in the third quarter saw the smallest year-over-year decline since early 2008.

Statistics released this morning by the Virginia Association of Realtors show that 580 existing homes in the Lynchburg area were sold in the third quarter of 2009, a 2.4 percent drop from 594 homes sold in the third quarter of 2008.

Ever since the first quarter of 2008, the number of homes sold each quarter has been at least 17 percent below the number of homes sold in the same quarter a year earlier. In the third quarter, home sales were 19.7 percent below the third quarter of 2007.

The median price of homes sold in the third quarter of 2009 was $156,897, a 2.5 percent decrease from the third quarter of 2008.

For more on the state of the home sales market in Lynchburg, check back with NewsAdvance.com or read tomorrow’s edition of The News & Advance.