WASHINGTON, DC-High sales volume and low inventory are fueling the nation’s housing market that is now being viewed as a bright spot for the U.S. economy.
The number of homes for sale nationwide is at its lowest level since before the recession and the volume of sales activity is the highest in the past six years.
There is a growing consensus that the bottom of the market is in the rear view mirror and that the housing recovery is real, the Washington Post reports. In the Washington, DC area, construction crews are mobilizing in some of the region’s hardest-hit areas. In the Madison Crescent section of Gainesville, VA, the newspaper reports workers shrugged off the snow last week to install wiring and plumbing in a row of new townhouses.
Mark Granville-Smith of Classic Concept Builders states that he had planned to build Gaslight Landing, a high-end community, on the banks of the Occoquan River in Prince William, VA. He sold six units during the height of the housing boom before the project stalled as the recession took hold. However, he said that his firm started receiving calls from interested buyers again this past summer. He has since called the construction crews back to work and sold four homes within three months. He also told the newspaper he received a request from a prospective purchaser in Michigan for a waterfront lot. See story in the Washington Post.