There’s plenty of signs recently that the housing market is gaining momentum and starting to see the surge which was predicted in late 2013 by several economists and many new home industry strategists. New homes sales are also up at Founders Pointe and The Riverfront at Harbour View, both are waterfront communities located in the Hampton Roads region of Virginia by East West Communities. (The homes pictured below left are were rcently sold in Founders Pointe by Norman Miller Builder, Inc. (left) and by Stephen Alexander Homes (right)).
A Housing Wire article reports this week that new single family home-builders saw the biggest jump in sales last month in 22 years. The article reports that “sales of new single-family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up from Julyâ€™s printing of 427,000, the fastest rate in six years and the biggest monthly jump since January 1992”.
Founders Pointe also reports four new home sales in the past 30 days, three of which were pre-sold custom homes by Sasser Construction in the new section which borders Batten Bay in Isle of Wight County, Virginia. Eric Sasser, President of Sasser Construction, has seen an increase in consumer interest in the past few months and has eight new homes under construction in Founders Pointe, and has sold five new homes recently in The Riverfront at Harbour View, located in the northern part of Suffolk, Virginia.
The Wall Street Journal also reports that home-builder optimism surged in September to the highest level since late 2005, a sign that home construction will continue to rise in the coming months.
HousingWire.com reports that “Millennials are now the key driver behind housing confidence” and “A recent report from The Demand Institute found that millennials are finally moving out of their parentsâ€™ homes, but rather than buying their own homes, they are choosing to rent.” The article also points out that “Almost two-thirds, 65%, of millennials said they agreed with the statement that owning a home is necessary to living the â€œgood lifeâ€ and is central to the American dream.”
With low interest rates, and an increased demand for new homes, it won’t be long before we see a significant rise in new home prices. When asked about the home prices, Sasser added “they have are beginning to see indications of future price increases in materials”.
Don’t delay and miss the good values that are still available. Sasser Construction is currently building in both East West Communities and will open a new furnished and decorated model in Founders Pointe next month. Seven other builders have showcase homes available for sale from $434,900 to $649,900.
Founders Pointe overlooks Batten Bay and the waterfront lots offer marsh and water views and distant views of the James River. Founders Pointe is located just ten minutes to I-664/Harbour View, and ten minutes to the Peninsula. Visit www.founderspointe.com for more information.