Local Housing Market Doing Better than National Average

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Updated: 1:56 PM Aug 6, 2009 Local Housing Market Doing Better than National Average A local expert says the housing market in Charlottesville is doing better as the economy rebounds. Posted: 12:44 PM Aug 6, 2009

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August 6, 2009

Many experts say the economy is improving. One of the region's top experts on the housing industry took time Thursday to weigh on to the pulse of the local economy, addressing the state of the economy and its effect on the local housing market.

During a briefing for Realtors and other business leaders, housing expert Barry Merchant isn't suggesting Realtors throw in the towel just yet.

He told Realtors and local business leaders there are positive signs the Charlottesville housing market is improving. Other parts of the Commonwealth are seeing a decline in home sales, but in Charlottesville things aren't quite as bad. The housing market here is showing positive signs of making a turnaround.

"The message would be that we do see positive signs that say sales are starting to bottom out and turn around and that's the start of a recovery," said Merchant. "It's going to take a while, but the upturn in home sales or the bottom out in home sales is a very positive sign that we're seeing a light at the end of the tunnel."

Nationally, shoppers are still worried about job security, and they remained tight-fisted last month. Retailers like JC Penney's and Sears are reporting sales figures Thursday that reveal a sluggish performance in July. The numbers raise concern about the health of the back-to-school shopping season.