Home sales in the Richmond area fell 21 percent in the fourth quarter of 2008 compared with the same period in the prior year.
And the average sale prices dipped 14 percent to $250,181, according to a report released this morning by the Virginia Association of Realtors.
The group defines the Richmond area as the city of Richmond and the counties of Chesterfield, Hanover and Henrico.
For all of 2008, sales for the Richmond area declined 23 percent from 2007 and the average price fell 3 percent to $268,973 from 2007.
In the greater Richmond area, which includes the city and 15 localities, the number of sales fell 33 percent in the fourth quarter compared with the same time in 2007. Sales declined 23 percent in 2008 vs. 2007 and the average price fell 3 percent to $264,467 in 2008.
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