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Housing has improved incrementally since January 2010. As written then, the housing market remains far from normal and the housing market still faces several obstacles. New sales are appear to be bifurcated, as the aggregate share of lower-valued price category homes is declining while the higher-valued group share is increasing. This is evidenced by viewing new sales plotted against real median income. Further, viewing home ownership rates provides some evidence of income decline and lower-end new house construction. Multifamily construction is solid; yet the number of multifamily units remains less than permitted and constructed in the early 1970s.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
January 25, 2016