RICHMOND, Va.--(BUSINESS WIRE)--
The Home Building Association of Richmond (HBAR), in partnership with Commonwealth Partnerships (CP), is proud to announce the launch of a semiannual report that will take a comprehensive and unbiased look at the state of the housing industry in the greater Richmond area.
Data provided by Integra Realty Resources-Richmond (IRR-Richmond) indicates that the number of new home sales in Central Virginia was up 30 percent in 2013 compared to 2012 and that new home prices rose 9 percent in the same timeframe. New home construction picked up steam as well in 2013 as the number of issued building permits jumped 25% compared to 2012. Although these improvements are welcome news for the home building industry, activity remains below that of a normal market.
The RVA New Home Market Report highlights a number of key indicators and provides an accurate state of the industry in Central Virginia and covers both the single and multifamily sectors.
“We felt very strongly that there was a need for this kind of data among professionals in the housing industry in Central Virginia,” said Craig Toalson, Chief Executive Officer at HBAR. “The RVA New Home Market Report is a ready resource for the home building sector.”
In the 2013 Year in Review report, IRR’s data show that 2013 was a major step forward in the road to recovery.
“The increase in new home sales and new development activity are positive signs for the industry,” said Ken Brown, Senior Managing Director at IRR.
CP Principal Andrew Ryan also noted that the growth was a good sign for the new home industry in Central Virginia.
“This report shows solid, ongoing growth in the Greater Richmond region’s housing market,” he said. “We’ve seen gains now in back-to-back years and are optimistic about continued momentum in 2014.”
For a full copy of the report visit: www.hbar.org or www.cwpmarketing.com. The next edition of the RVA New Home Market report will be a mid-year report and is scheduled for release in the Third Quarter of 2014.
About Home Building Association of Richmond (HBAR)
The Home Building Association of Richmond is the professional trade association of the home building industry in Central Virginia, serving builders and service providers. HBAR is dedicated to the American dream of homeownership by providing resources and support to the home building community and home buyers. For more information, visit www.hbar.org.
About Integra Realty Resources-Richmond (IRR)
IRR-Richmond provides complete real estate valuation and advisory services, including market and marketability studies, highest and best use and feasibility analyses, site location, acquisition and development counseling, zoning and land use consultation, investment analysis and tax appeal, and litigation support. The firm also publishes the Integra Residential Report, released quarterly since the late 1980s, which provides a comprehensive analysis of the housing market in the Richmond region with an emphasis on the new construction segment of the market. For more information, visit www.irr.com.
About Commonwealth Partnerships (CP)
Commonwealth Partnerships works with organizations and professionals in Virginia to develop and implement strategic marketing and communications campaigns for industries that support economic development, including real estate, A/E/C, professional services, nonprofit, senior living, and transportation. With award-winning experience, we focus on eight areas of service: branding and creative, content marketing, public relations, advertising, website development, social media, community relations, and research and analysis. For more information, visit www.cwpmarketing.com.
- Real Estate
- Central Virginia
Andrew Ryan, 804-354-0964