Sale of Existing Homes Rise 5.5% in September

September saw the highest level of existing home sales in nearly two years.  Sales rose 5.5% in September over the August 2008 figures.  This increase is the first time since November 2005 that sales have risen over the prior month’s performance.

The National Association of Realtors reports that the increase represents sales of single family homes, townhouses, condominiums and cooperatives.  This pace reflects a seasonally adjusted annual rate of 5.18 million units sold.  This is an increase of 1.4% over the same period in 2007.   The median price of existing homes fell to $191,600 during September which is down from $210,500 in September 2007.  The Association also reports that 35-40% of all transactions were the result of Foreclosures and other distressed sales.  The movement in the foreclosure properties and the reduction in the prices have seen a dramatic decrease in available properties.  Inventory of residential properties fell 1.6% in September to 4.27 Million units.  That number still reflects a larger than desirable inventory however the trend seems to be heading downward for inventory supply.  The drop in inventory represents the second month in a row that the inventory has declined since the peak of the excess properties in July 2008.

In the Southern Region of the country, which includes Virginia, Maryland and the District of Columbia, sales rose 2.2% and the median price was down 4.1%.  Wall Street market worries continue to play a role in the housing market and the credit crunch is just starting to loosen from the economic bailout legislation.  However, this sales increase is a positive sign for sellers and price reductions bringing properties back to a more affordable range is good news for buyers.

Irene Morales Ward, Northern Virginia Real Estate

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About Quantico Homes

Working primarily as a referral agent, my main motivation is to be able to provide you the highest possible level of service as you look to buy or sell your home in the Northern Virginia Real Estate market. You should be so impressed with your service that you will feel compelled to refer me to your family, friends and colleagues. Our time together is always well spent meeting your specific needs because my time and effort is not spent looking endlessly to generate more business. As an Accredited Buyer's Agent, the buyer's criteria becomes paramount during the homebuying process. Your needs will never be compromised because Dual Agency is not something I participate in. This is a distinguishing characteristic from many in the industry and I stand firm in the belief that no client in a transaction (whether a buyer or a seller) should be without 100% representation. You deserve all the loyalty and attention from an agent who will always have only your best interests in mind. Keeping in mind that Northern Virginia is a highly transient area, I am always privvy to sales reports and market analysis of all the surrounding counties from Alexandria/Arlington to as far south as Orange County and from east on the Potomac River to the Shenandoah and West Virginia border (and all points in between!). Between the military, corporate, and government relocations, having an agent working to provide you with the latest statistical information and market trends is imperative to a successful sale or purchase. Also, as an e-Pro, finding you homes and communicating that to you becomes increasingly efficient, as does marketing properties for sale. Using exceptional photography for virtual tours, staging all listings, and incorporating "out of the box" methods to generate the largest number of buyer leads while Marketing Your Property For Sale, I can save you time, money and frustration. Start your search for homes at http://www.IreneMoralesWard.com!
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