Home prices across the country jumped in February by the largest amount in seven years according to CoreLogic, a real estate data provider. In Santa Maria one developer is actually having problems keeping up with demand for new homes.
The sound of new home construction is welcomed by the developer of the Lavigna community.
“We are seeing some of the best sales rates that we’ve seen in a long time, pre-recession days,” said developer Courtney Seeple.
More than 50 homes that haven’t even been built are already sold.
Since 2010, home prices have increased about 20 percent, with most of it happening over the last six months. These numbers reflect what is happening nationwide.
Prices rose in 47 of 50 states in February, with California increasing more than 15 percent.
“The turn-a-round is happening, like I said before, we’re providing jobs to people that may not of had jobs before. We’re seeing buyers come out that were afraid to buy,” said Seeple.
Lavigna developers said the way homes are selling reminds them of the housing boom in the early 2000s. It’s not there yet but what’s happening now makes the future look promising.