Inman News reports on Virginia home sales. "Home sales in Virginia dropped for the seventh consecutive month in March, while home-price growth returned to a more normal pace, according to the Virginia Association of Realtors."

"Closed sales totaled 10,088 in March, down 12 percent from 11,464 sales in March 2005. Closed sales year to date totaled 23,871, down 13 percent from 27,719 for the same period last year."
"'A good sign for buyers is the fact that home-price appreciation is cooling,' said VAR President Kit Hale of Roanoke. 'There is better inventory on the market for buyers to choose from, and less urgency to make an offer in the competitive environment we had been experiencing.'"

And a northern Virginia realtor has this April/May report. "As we have noted here over the last several months, the metro DC housing market is clearly in transition from a strong seller's market to a more balanced one. The number of available homes has risen significantly throughout the region, and especially so in Northern Virginia, and at the same time, the number of ratified contracts has dropped in every jurisdiction."

"However, the market seems to be cooling at a different rate, depending on location. We have noted with some considerable interest that Washington, DC and the closer-in suburbs have not been hit quite as hard as the jurisdictions further from the city-center."

"In Northern Virginia (Fairfax and Arlington Counties, Alexandria, Fairfax and Falls Church Cities), the number of ratified contracts in the first quarter of 2006 compared to the first quarter of 2005 is off 11%; in Montgomery County, it's off 4%; in DC it's off 9%. However, in Loudoun County, the number of contract has declined 31% and has declined in Prince William County by 27%."

"Why are buyers not rushing out to pay above-list for new-on-the-market listings? Because they accurately perceive that they have more choices. Inventory has climbed substantially in all but the lowest price category."

"The overall inventory has increased 442% from this time last year; the number of listings priced between $150,000 and $299,999 is 9 times greater than March 2005!' "This time last year, 115 of all fully available homes on the market had a price change of at least $1,000; today, it is 29.3%, again suggesting that sellers are adjusting to new market conditions."