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Booming residential real estate sales contribute to budget surplus

Virginia’s booming real estate industry has been a leading contributor to the commonwealth’s economic recovery following the recession triggered by COVID-19, according to a release from Virginia Realtors, a trade association of real estate agents.

According to Virginia’s Secretary of Finance, the Commonwealth of Virginia is expecting a half-billion budget surplus by the end of June. The state’s economy has far outpaced expectations during the COVID-19 pandemic and recession, and a major reason has been the strength of the residential real estate market, the release said. The housing market boom has contributed to a 40 percent surge in state revenues in taxes paid on deeds and other court filings, according to the organization.

“Strong homes sales activity in Virginia has been fueled by steady growth in higher-wage professional jobs and historically low mortgage rates,” according to Lisa Sturtevant, the association’s chief economist. “The strength of the residential real estate m...

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