A strong economy and excessive supply is causing the Northern Virginia housing market to slow down from the accelerated pace it has been on in recent years.
“After experiencing several years of overactive sales and escalating home values, we finally experienced a correction in 2006,” said Margaret Ireland, the Northern Virginia Association of Realtors chairman of the board.
It’s generally a slow time of year for home purchases, said Scott Koval, a Fairfax County Realtor at Samson Realty, but it isn’t business as usual this January.
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