The Virginia Association of Realtors recently released their First Quarter 2008 housing market report, entitled "The Virginia Housing Market in Uncertain Times."

Their opening paragraph provides a good summary:

The word “uncertainty” sums up the current housing market. A national recession, foreclosures on the rise, tight credit markets, potential federal legislation—all of these factors make it difficult to predict where the market is going. In Virginia, the housing market is performing better than in some other states, although certain local markets within the state are in for a rocky 2008.

The report, provided by George Mason University's Office of Housing Policy Research, is based in part on reported sales from around the state of Virginia.

The methodology is slightly different than my recent April report, but the numbers are very close.  Essentially, sales are down, but prices are up.  In the Harrisonburg-Rockingham area, the number of sales was down 21%, but the median price was up 5%, and the average price was up 14%.

For even more insight into the first quarter of home sales around Virginia, listen to this media conference call where Realtors from around Virginia (myself included), and staff from George Mason University provide commentary to the media on this recent report.