What Northern Virginia Needs Now is New Homes?
Stephen Fuller, director of the Center for Regional Analysis at George Mason University, had a surprising message during a presentation to the Northern Virginia Association of Realtors recently: Builders need to start producing new homes again in the Old Dominion.
Fuller said he receives a monthly report from 20 home builders that work in the area, and since February each month has shown higher sales. "They have very little inventory," Fuller said, "and in some cases, inventory is so small they're raising prices, even in Prince William County." Fuller pointed out that even though there have been job losses in the Washington area, our employment picture is far rosier than elsewhere in the country. And the worst of the recession is past, though unemployment numbers will continue to rise for months, even after we're in recovery. Meanwhile, a housing shortage could be developing.
"It takes nine months to build a house. They'd better get busy, because the inventory is getting pretty low," Fuller said.
Are you as surprised as I am?
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