Long & Foster enjoys its best October ever

REAL ESTATE WATCH

November 18, 2001

Low mortgage rates helped push Long & Foster Real Estate Inc., the mid-Atlantic region's largest real estate company, to its best October ever, with residential sales up nearly 17 percent over October 2000.

The Fairfax, Va.-based company sold 7,349 homes last month compared with 6,371 properties sold the previous October.

The company reported year-to-date sales volume of $16 billion - an 18 percent rise over a sales volume of $13.6 billion for the corresponding 10-month period last year.

P. Wesley Foster Jr., president of Long & Foster, said the lowest mortgage rates in 34 years are helping to drive a very strong housing market.

"With decreasing inventory and low interest rates, it remains very much a seller's market, and homes remain a very sound investment," Foster said in a company statement.

Long & Foster's top five Baltimore-area sales offices were Timonium ($22.4 million), Waverly Woods in Howard County ($18.8 million), Ellicott City ($17.6 million), Annapolis ($17.3 million) and Severna Park ($12.4 million).

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