• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

ODU researchers develop Hampton Roads regional home-price index

Economists and programmers at Old Dominion University have created a home-price index modeled from national home-price trackers in a bid to more accurately track the rise and fall in local home prices.

The index, which was created by comparing multiple sales of the same properties over a period of more than 15 years, shows that home prices in Hampton Roads fell during 2011 a little more than previously reported.

In December, home prices were down 11.6 percent compared with the same month in 2010, according to the index. That’s compared with a median price drop of 9.2 percent during the same time period.

Vinod Agarwal, an ODU economist and one of the individuals behind the index, said that they weren’t surprised to see that difference.

The median is the point at which half of all sales are higher and half lower. One of the shortcomings of that approach to tracking home prices is that the median can be affected by a large volume of sales in a single price range. For example, if more sales are occurring at the lower price range of a housing market, the median price would shift lower.

More of the story here


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