For the third consecutive month, home sales volume inched higher than the same month last year, according to a recent story in The Virginian-Pilot.

In South Hampton Roads there are a few signs that the local housing market is improving. A driving force behind the improved numbers is first-time home buyers taking advantage of the $8,000 federal tax credit. Also, investors are snapping up foreclosed properties with plans of renovating them.

This is great news for homeowners in South Hampton Roads, because as the market improves their home value is also increase.

"First-time home buyers and investors continued to drive sales of existing homes in South Hampton Roads last month.

Real Estate Information Network Inc. released data showing that 1,043 homes in the region sold in August. Although it fell 15.6 percent from July, the sales activity last month was 1 percent higher than the 1,033 homes that sold in August 2008, the Virginia Beach-based multiple listing service said.

It is the third consecutive month that sales volume inched higher than the same month last year, suggesting the local housing market might have reached a bottom. June was the first month with a year-over-year volume increase since January 2007.

'I think people are aware of the tax credit and aware of the low interest rates,' said Dick Thurmond, president of William E. Wood and Associates. 'So people are thinking they need to make a move now to take advantage of that.'

Any first-time home buyer or any buyer who has not owned a principal residence for three years is eligible for an $8,000 federal tax credit. Thurmond said he expects the credit to encourage many more buyers to enter the market before the incentive expires Dec. 1."

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