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Virginia Realtors Reports Slowing Home Sales

The Virginia Realtors group has reported that home sales in the commonwealth continue to slow down. According to their October 2023 report, there were 7,764 homes sold in Virginia last month, marking a 12% decrease compared to October 2022.

Slowest Housing Market in Over a Decade

Virginia Realtors claims that the 2023 housing market is the slowest it has been in more than a decade. The primary reasons for this decline are attributed to rising mortgage rates and a tight supply of available homes.

Impact on Home Buyers and Sellers

The current state of the housing market is keeping potential home buyers and sellers on the sidelines. The high mortgage rates and limited inventory are discouraging people from participating in the market, contributing to the slowdown in home sales.

Seeking a Solution

While the Virginia housing market faces significant challenges, efforts are being made to improve the situation. If you have any ideas or suggestions for improving the market, consider submitting your story or news tip to NBC29 to help raise awareness and promote change in the industry.

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Orginal article: Link To Article – provided by Kansas City Realtors