Home Buyer Tax Credit Extension Becomes Reality + October Stats for N. Virginia

On 11/6/09 the President signed legislation approving an extension and expansion of the home buyer tax credit. Key points of the legislation include: * Extension of the $8,000 tax credit for first-time home buyers under contract by April 30, 2010 and settling by July 1, 2010; * Addition of a $6,500 tax credit for existing home owners, if living in their principal residence for five consecutive years in the past eight years; * Increasing income limits for eligible home buyers to $125,000 for single buyers and $225,000 for couples; and, * Capping the purchase price of the home at $800,000. Northern Virginia Market Stats: October 2009 The Northern Virginia Association of Realtors® reports on October 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. A total of 1,604 homes sold in October 2009, a 10.09 percent increase above October 2008 home sales of 1,457. Active listings decreased by 21.91 percent from last year, with 6,877 active listings in October, compared with 8,806 homes available in October 2008. The average days on market (DOM) for homes in October 2009 decreased by 38.30 percent to 58 days, compared with 94 days in October 2008. Sales prices were lower than those realized last year. The average sales price in October decreased by less than one percent from October 2008, to $424,510, compared with last October's average of $427,502. The median price of homes sold in Northern Virginia rose in October to $356,800, which is a decrease of less than one percent compared with October 2008's median price of $359,000. The number of pending home sales in Northern Virginia in October shows an increase of 24.06 percent at 1,990 compared to 1,604 in October 2008.