Today the Daily Progress reported that the Charlottesville-area housing market might be just a year away from making a recovery. One key sign of recovery is that the number of pending contracts for July 2009 was higher than in July 2008. Area analysts say that if those pending contracts turn into September's sold homes, then the housing market could make up for losses by the end of the calendar year.

"The Charlottesville-area housing market might be 12 months away from making a recovery, according to Barry Merchant, senior policy analyst with the Virginia Housing Development Authority.

Merchant spoke Thursday to the Charlottesville Area Association of Realtors about the challenges facing the local housing market.

Northern Virginia’s housing market appears to have hit bottom and is seeing sales start to rebound after 36 months of decline. Central Virginia and other parts of the state have followed Northern Virginia trends on a 12-month delay, according to data Merchant presented."

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