Area homes sales have increased, according to the South Boston Virginia News, which has been aided by low interest rates and the new tax-credit for first time home buyers.

Last week local real estate agents learned how the Virginia Association of Realtors is working towards an extension of the tax credit. This would help continue to bring the housing market into recovery, which will help boost the local economy and increase property values.

"Home sales in the area have risen by more than a third in the past year as the recovery in the national housing market takes root, aided by low interest rates and a new tax credit of up to $8,000 for first-time home buyers.

Local real estate agents associated with the Southern Piedmont Land & Lake Board of Realtors, a trade group for Halifax and western Mecklenburg counties, listened yesterday as Lisa Noon, vice-president with the Virginia Association of Realtors, discussed market trends during a luncheon at Italian Delight.

Noon said the VAR is working with its national association to lobby for the extension of the home buyer’s credit, which is good for 10 percent of housing purchases up to $80,000. The credit has brought out more first-time purchasers and spurred sales in the low- to mid-range of the market, said Noon yesterday.

'Overall, it’s been well received,' she said.

The program, part of President Obama’s stimulus package, not only has boosted home sales, but created or saved jobs in construction, furniture and other housing-dependent sectors of the economy, Noon said.

Noon said a healthy housing market is essential to economic recovery, making the tax credit worthwhile. 'Our overall goal is to ensure a continuing strong housing market, and anything we see that will improve housing will improve the economy as well,' she said.

VAR data show that home sales in the Southern Piedmont region — Halifax and the portion of Mecklenburg west of Route 4 — jumped 35.5 percent from the third quarter of 2008 to the same period in 2009. The realty group reported 84 home sales in 2009, compared to 62 for the same three-month period in 2008."

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