Richmond area housing sales on the rise - NBC12 - WWBT - Richmond, VA News On Your Side

Richmond area housing sales on the rise

RICHMOND, VA (WWBT) - Low home prices and low interest rates have enticed home buyers and now it appears home sales are up across most of the Richmond region.

"It just is making a lot of homes look really attractive," says potential home buyer Casey Templeton. "The interest rates where they are right now? To be able to lock in a interest rate of less than 4% for the next thirty years is unheard of."

An annual review shows after a dive in past years, home sales are up an average of 3.3% in our area.

"What we hope the numbers mean is that we've turned the corner in terms of market activity," says Laura Lafayette, C.E.O. of the Richmond Association of Realtors.

Lafayette points out that this is the first year sales have increased without government tax incentives.

Experts say the growth will lead to a more stable economy and more jobs.

"It means stability is being restored to the market. Stability to peoples key asset, the value of their chief asset. And when the housing market recovers, the employment numbers pick up as well," says Lafayette.

To read the whole report click here.

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