2016 New Home Report – Mid Year Review

The new home building industry in Central Virginia has maintained the momentum gathered last year as growth continued in the local market during the first half of 2016, according to a new report from the Home Building Association of Richmond (HBAR) and Commonwealth Partnerships(CWP). New home closings and permits were all up in the first half of 2016 compared to 2015 and new home price has not seen an increase or decrease.

Data provided by Integra Realty Resources-Richmond (IRR-Richmond) indicates that the number of new home sales in Central Virginia increased seven percent to 1,279 homes sold in the first six months of 2016 while the average new home price was flat. The biggest news is the gain made in Hanover County, which has almost as many new home closings as Henrico County.

Click Here to View the Full New Home Report 2016 Midyear in Review

The Home Building Association of Virginia is working hard!

The Virginia Department of Transportation (VDOT) has been reviewing laws passed by the General Assembly for new regulations as they relate to the transportation industry. A VDOT advisory committee has recommended several changes, and they are awaiting approval either by the Virginia Highway Commissioner or the Commonwealth Transportation Board. “The revisions represent a victory for the real estate industry…” Read the entire article here.