The Roanoke Times published some great news for area homeowners today. The local real estate market is showing signs of recovery with an increase in the number of housing contracts that closed in July 2009 versus July 2008.

Although you already own a home in the area, statistics like these are great indicators for prediciting how the value of your home may change in the future. These are the kinds of numbers homeowners like to see, because home values will start to stabilize and rise and the real estate market recovers.

"In a refreshing sign for the local real estate market, home sales in the Roanoke Valley in July climbed above year-ago totals for the first time in more than 18 months.

The number of housing contracts that closed in July increased 18 percent, to 435 from 368 in July 2008, according to data reported by the Roanoke Valley Association of Realtors.

The association tracks sales activity in Roanoke and Salem and in Roanoke, Botetourt and Craig counties and portions of Bedford and Franklin counties.

The volume of homes sold during the month also rose 10 percent from 2008.

Still, the average price of a Roanoke Valley home was $198,930 last month, down from $212,197 in 2008.

In Virginia, home sales for the second quarter, as of June 30, dropped 4.4 percent from last year, according to the Virginia Association of Realtors.

Several factors are spurring a Roanoke Valley residential sales bump, including an $8,000 tax credit that the federal government is offering to first-time homebuyers or people who have not owned a home for at least three years. In order to receive the credit, buyers must close on a home by Dec. 1."

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