Housing market in Hampton Roads on the Rebound

NORFOLK – The housing market seems to be on the rebound.

Analysts say existing home sales in Hampton Roads were up 75% over last year and the number of homes on the market is down to 10,000.

New construction numbers locally show a 22% increase over last year and builders couldn’t be happier.

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“(We) started a new house, a 5,000 square-foot house out in Virginia Beach that we’re building. We’re about halfway done. We have a 2,800 square foot house also in Virginia Beach and the house behind us the Homearama house. So we have three houses under construction,” said new home builder David DeBord 

There’s also been some improvement in the builder confidence index as well. Nationally, U.S. sales of previously occupied homes soared in August to the highest level since May 2010, when sales were bolstered by a government tax credit. Sales rose 7.8 percent to a seasonally adjusted annual pace of 4.82 million, the National Association of Realtors said.

In a separate report Wednesday, the government said builders broke ground on more new homes last month. The two reports indicate the housing recovery is gaining momentum. Home prices are also rising and builders say they are more confident.

Associated Press contributed to this report.

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