Brick’s Blog

     While August 2007 home sales in the Richmond area lagged August 2006 sales by 12 % or 197 less units, I was actually surprised by how strong the market performed despite the constant negative drumbeat by the media. If you believe everything the media is currently portraying about the housing market, then your home is already in foreclosure and your adjustable rate mortgage just hit 18 % and will go higher next week. Poppycock! Mortgage rates are great, unemployment is at all time lows, home ownership remains at all time highs, and the financial markets continue to shake off every new crisis thrown at them. And while year to date sales are down 6 % from 2006 and 7.7 % from the record year of 2005, here’s a HEADLINE you won’t hear from the media. The average sales price for the Richmond area is up over 5.5% from the 2006 average sale price. If the sky was falling, shouldn’t  the prices be falling, too? Oh, if you’re wondering, the 2007 average sales price versus the 2005 average sales price - a staggering 19.6% higher. I can assure you of one thing - the house you buy today will be worth more next year and the following year ad infinitum. Here’s the year to date table.