Industry News

Long & Foster posts record real estate sales

June transactions reach $6.7 billion

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The Long & Foster Cos. reported that total June sales for all of its companies reached a record $6.7 billion for the month, surpassing the previous record of $6 billion in March 2004. The numbers include: Long & Foster Real Estate Inc., with sales of $3.8 billion on 11,928 properties sold, an increase of 23 percent over last year's record performance for June of 2003. The firm's three affiliated businesses were up 44 percent in real estate sales values for June 2004. Prosperity Mortgage Co., the firm's mortgage affiliate, reported $1.3 billion in volume of business. Strong numbers were also posted by company affiliates Mid-States Title, $1.2 billion, and Long & Foster Insurance, $435 million.    "Long & Foster's record-breaking June sales are representative of the real estate market overall in the Washington-Baltimore marketplace", said Wes Foster, president of The Long & Foster Cos. "The slight up tick in mortgage interest rates has influenced many co...