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NVAR: Home Sales Up 7 Percent in Region

Bob Adamson, 2017 NVAR Chairman of the Board, announced Wednesday that as of October, home equity gains remained within normal limits while interest rates stay pinned at historic lows. “These factors add to local buyer confidence,” Adamson said. October resulted in a seven percent increase in sales, recording 1,652 homes sold compared to 1,540 transactions last October 2016. “While economic progress has been patchy throughout the Commonwealth, Northern Virginia has excellent employment levels,” with only a reported three percent of residents not working. “Northern Virginia has returned to solid ground since the recession,” Adamson said. “Our hope is that this continues.”

Said NVAR Board of Directors member Gary Lange of Vienna, “The market in October was brisk. There seemed to be lots of activity from people who’ve been waiting on the sidelines for the right time. The increase in inventory has given buyers a bit more opportunities out there but properties that show well, have been updated and are priced right are still going off the market quickly.” Lange noted that people have not been deterred by promised interest rate hikes. “Sellers remain bullish on prices,” he said.