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New Home Construction Up Nationally, Not Locally

construction

Construction on Augusta's Kroc Center is 20 percent complete, ahead of schedule. (May 25, 2010 / WRDW-TV)

Real estate markets across the country are still suffering the effects of the recession., but a 4.4 percent growth in new home construction has many believing that the worst is behind us.

Mark Saliba from the Dothan and Wiregrass Home Builders Association says new home building in Dothan has not increased. "Its not going down. We have been in the bottom for a while and even if locally we are not on that same level as it is nationally. We are not going down anymore and that is a positive note."

Saliba says the market is in the process of balancing out. "There are not a lot of increases in the new home starts where we are right now. We have plenty of product out there but we don’t have an over abundance of product. What the problem is that we are having now is not a large inventory. We have just the right amount of product at just the right price."

Real estate agent Charles Buntin says sales of new and existing homes have jumped double digits. "Year- to-date we are up 23 percent compared to last year, which is phenomenal. We will take it however we can get it."

This jump is partly due to home buyer tax credits, says Buntin. "Tax credits are now gone which is unfortunate for our real estate market but it really spiked up in the last couple of months so I am just hoping that our momentum continues."


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