The Washington Post is reporting that construction equipment may be on the move again in the Washington, D.C. area.
According to the paper, Los Angeles-based KB Homes plans to resume residential construction in a number of areas this year, including Maryland and Northern Virginia. Construction was pulled back in 2007 due to the housing slump.
"Now, after seeing housing prices pick up and inventory levels fall, company officials said they plan to jump back into the market here," the Post reported.
The report noted that the company will begin to focus on single-family homes that come with more affordable prices. Vince DePorre, regional president for the company's southeast division, told the paper that KB Homes has always looked at the District of Columbia as a strategic market.
According to the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales were at an annual rate of 433,000 in July, which represents an increase of 9.6 percent over June. However, it is 13.4 percent lower than the July 2008 estimate of 500,000. The median sales price for a home was $210,100 for the month.
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