Even if a full market recovery might be in the early stages, the housing industry is showing signs of improvement nationwide. Prospective buyers searching for new homes for sale are noticing continuous positive trends in the current housing market and many are choosing to take advantage of the favorable conditions. Government reports indicate that the country saw a 7.6% rise in new home sales in May. And, according to the Census Bureau’s report, sales reached an annual rate of 369,000- a 20% increase in a year-over-year comparison. This jump in home sales reportedly exceeded expectations as economists had predicted a sales rate of 350,000 new homes for the year.
Robert Dietz, an economist for the NAHB (National Association of Home Builders) remarked, “This improvement indicates that 2012 will be a year of gradual growth for new homes. It also means that we’ve seen the end of inventory that’s climbed over the last couple of years.” The decrease of home inventory levels is a good indication that the U.S. housing market is getting stronger; more value is being added to home ownership which in turn is leading to a faster turnover of homes. Having a slight increase in demand will translate well into an increase in new construction, which leads to more job creation, which contributes to a stronger economy.
Although Northern Virginia was not completely immune to the price dip over the past few years, it is has proven to be one of the least distressed markets in the country, and has held up well. Being one of the fastest growing counties in the nation, Loudoun County is continuously seeing a rise in both jobs and home sales.
The growth of jobs along with the diminishing homes inventory in Northern Virginia since 2011 has contributed to a relatively quick rise in new construction compared to other, harder hit markets. According to the Builders Realty Council, Loudoun county has a wide spectrum of new housing communities in development, and statistics are showing both towns of Ashburn and Leesburg to be the forerunners in Northern Virginia’s housing growth.
With prices stabilizing and mortgage rates reaching record lows, buyers considering new homes for sale in Loudoun County are realizing more than ever that purchasing a home here is a fantastic decision.