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Home sales up

Mike Beasley, president of ERA Beasley Realty in Woodstock, said houses are spending less time on the market and older inventory is easily being sold. Ryan Cornell/Daily (Buy photo)

By Ryan Cornell

The Associated Press announced in a tweet on Thursday that home sales for August in the U.S. have reached the highest they've been in six and a half years.

The housing market in the northern Shenandoah Valley seems to be following that trend.

Wendy Thrane, a realtor with the Weichert Realtors office in Front Royal, said she's noticed more sales in August than other months. She said the majority of buyers are first-time home buyers.

The media's coverage of raised interest rates have motivated people, she said, as well as increased housing prices due to a combination of less foreclosures and availability.

Another indicator of a healthy housing market is the drop in the average amount of days houses spend on the market, said ERA Beasley Realty President Mike Beasley.

"If we look at things under contract, there's a reasonable amount of them that have gone under contract within a couple days," he said. "Here's a whole page that are under 21 days on the market and they're already on contract."

He said much of the old inventory, houses that haven't been able to move in previous months, are starting to sell.

"We're seeing some stabilization," he said. "And some positive outlooks."

Contact staff writer Ryan Cornell at 540-465-5137 ext. 164, or rcornell@nvdaily.com

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