Lack of inventory pushes up home prices in Northern Virginia

(RECAP: Low inventory and competition for homes in well loved areas near the city and Metro stations are impacting Northern Virginia this spring along with the rest of the Washington-area market. February statistics from the Northern Virginia Association of Realtors showed disparities from one location to the next, with year-over-year median prices up 21.4 percent in Falls Church City, 9.38 percent in Fairfax City and 5.06 percent in Alexandria, but down 1.57 percent in Arlington County. In general, homes are selling fastest and with multiple offers in Reston, Arlington and Alexandria, where there is less than a two-month supply of homes to meet current demand.)

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Va. Secretary of Commerce and Trade returns for Miller Homes open house

(RECAP: Three times in a month — that’s how many visits Virginia Secretary of Commerce and Trade Maurice Jones will have made to Halifax County in April when he arrives at the open house for Miller Homes at 3:30 p.m. on Wednesday. The event, hosted by the Southside Outreach Group, will showcase improvements to South Boston’s first multi-family project. Earl Howerton, director of Southside Outreach, calls the improvements to the project “a complete facelift.” The total renovation cost is estimated at roughly $3.5 million. The Virginia Department of Housing and Community Development has provided $600,000, and another $1.8 million has been generated through low income tax credits from VHDA.)

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Virginia Beach will support three affordable housing projects this year

(RECAP: This year, the city plans to support three new affordable housing communities. Virginia Beach doesn’t own, operate or build new homes, said Andy Friedman, the city’s director of housing and neighborhood preservation. Instead, the city allocates federal grants to support new affordable developments. In the annual action plot, which must be approved by HUD, the city plans to allocate about $1.3 million toward three projects. This year, the city will support Church Street Station, located in Norfolk; a senior living facility called Tranquility at the Lakes; and Seaside Harbor, an affordable apartment development at 18th Street and Mediterranean Avenue.)

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