New Home Starts Hit 2007 Highs
According to statistics released by the Commerce Department this week, homebuilders are building new homes at the fastest pace since 2007. New homes starts will ultimately fill a gap in Richmond’s residential real estate markets and across the United States. This is welcome news as a lack of inventory continues to be a challenge.
“A fresh supply of new homes will therefore reach the market in upcoming months to help relieve the inventory tightness,” says Lawrence Yun, the chief economist for the National Association of REALTORS®. “There is no need to worry about an oversupply. Even more production would be welcomed.”
Backed by new home starts, Central Virginia recorded its strongest second quarter sales figures since 2008. Sales across Virginia during 2nd quarter 2015 were up 11% from the previous year. The future is looking bright!