FREDERICKSBURG - STAFFORD - SPOTSYLVANIA - CAROLINE - KING GEORGE - ORANGE - CULPEPER
November 2025
BUILDERS FRAMEWORK
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FREDERICKSBURG AREA BUILDERS ASSOCIATION
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Volume 9: Issue 11 November 2025
Existing Home Sales Increase in September
Existing home sales rose to a seven-month high in September as mortgage rates eased and inventory improved, according to the National Association of Realtors (NAR). Resale inventory matched to the highest level since May 2020, though it remained below pre-pandemic levels. Mortgage rates hovered between 6.5% and 7% earlier this year due to ongoing economic and tariff uncertainty. However, rates recently fell below 6.5% for the first time this year as the Fed resumed rate cuts at its September meeting. Last week, the average mortgage rate decreased to a nearly one-year low of 6.27%. With additional rate cuts expected in coming months, lower mortgage rates and improved inventory should bring more buyers and sellers into the market. Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 1.5% to a seasonally adjusted annual rate of 4.06 million in September. On a year-over-year basis, sales were 4.1% higher than a year ago. The existing home inventory level was 1.55 million units in September, up 1.3% from August and up 14.0% from a year ago. At the current sales rate, September unsold inventory sits at a 4.6-months’ supply, unchanged from July and August but up from 4.2-months in September 2024. Inventory between 4.5 to 6 month’s supply is generally considered a balanced market. Homes stayed on the market for a median of 33 days in September, up from 31 days last month and 28 days in September 2024. The September median sales price of all existing homes was $415,200, up 2.1% from last year.
NAHB Promotes NWP Improvements In a recent meeting with officials from EPA and the U.S. Army Corps of Engineers, NAHB urged the agencies to pursue regulatory reforms that would improve the Clean Water Act (CWA) Section 404 permitting program. NAHB asked the agencies to increase nationwide permit acreage eligibility and to raise the thresh- old for mandatory compensatory mitigation. NAHB also asked that they expand the availability and lower the cost of mitigation credits.
New American Home Is a Model of Energy Efficiency The New American Home 2026, the must-see showcase at the upcoming NAHB International Builders’ Show®, is setting a new bar for energy efficiency, particularly for a home of its scale: over 9,200 square feet. Thanks to a smart integration of high-performance systems and a powerful solar array, the home is projected to achieve a Home Energy Rating System (HERS) Index of -40. To put that into perspective, a typical new home scores around 100, while a net-zero home rates at 0. The 2026 show home far exceeds both. IBS takes place Feb. 17–19 in Orlando. Register at BuildersShow.com. Vermont Seeks to Address Builders' Top Concerns Vermont Builders and Remodelers Association (VBRA) members stood with Gov. Phil Scott recently as he signed Executive Order No. 06-25, which addresses regulatory barriers, permitting challenges and energy code standards in the state. The executive order offers: Flexibility: Builders can return to using the former 2020 codes when they are more practical and affordable. Clarity: Retroactive coverage resolves uncertainty for projects started since July 2024. Speed: Shorter timelines, concurrent reviews, and deemed approvals reduce permitting delays.
Substance Use Issues in Construction Construction workers have nearly two times the rate of substance misuse (15%) as the national average (8.6%) and are more likely to be affected by opioid addiction. The nature of the work, with tight deadlines and physical demands, can lead to self-medication, potentially opening the door to abuse. NAHB and its partners – including SAFE Project, the Job-Site Safety Institute (JSI), Mind- Wise Innovations, and others – have resources to train workers on the risks of substance misuse.
USPS Cluster Mailbox Guidance The U.S. Postal Service (USPS) recently clarified its policies on cluster mailbox units (CBUs) in new housing development. The USPS also apologized for inconsistent local guidance in recent years. While reaffirming that all new developments should use centralized CBUs, USPS offered clarifying guidance, including: CBUs do not require awnings or lighting; CBUs do not require dedicated parking for carriers; and larger developments may have multiple CBU locations to balance resident convenience and carrier efficiency.
Remodeling Market Sentiment Improves in Q3
The NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 60 for the third quarter, up one point compared to the previous quarter. With the reading of 60, the RMI remains solidly in positive territory above 50, but lower than it had been at any time from 2021 through 2024. The NAHB/Westlake Royal RMI survey asks remodelers to rate five components of
the remodeling market as “good,” “fair” or “poor.” Each question is measured on a scale from 0 to 100, where an index number above 50 indicates that a higher share view conditions as good than poor.
Fed Cuts Rates, Future Uncertain With the government shutdown limiting the quantity of economic data available to markets and policymakers, the central bank’s Federal Open Market Committee (FOMC) enacted a widely anticipated 25 basis-point cut for the short-term federal funds rate. This marks the second consecutive cut this fall, and the move decreases the policy rate to an upper rate of 4.25%. Reflecting that the market anticipated this policy move, long-term rates were relatively unchanged after the FOMC announcement. There were two dissenters to the Oct. 29 decision. Chair Powell noted that there were “strongly differing” views at this meeting with respect to December policy action, with a possibility of no further cuts before the end of the year.
Square-Foot Prices by Region Median square-foot prices for new single- family detached (SFD) homes started in 2024 grew modestly, according to NAHB’s analysis of Survey of Construction data. For spec starts, after excluding record-high improved lot values, the median price was $153 per square foot of floor area, inching up from $150 a year earlier. The New England division registered the highest median prices at $282 per square foot. The East South Central region had the lowest median sales price per square foot at $140. For custom, or contractor-built, homes, the median price was $166 per square foot of floor space, up slightly from $162 in 2023.
Report Reveals Economic Impact of Labor Shortage
The skilled labor shortage is responsible for the lost production of thousands of newly built homes, according to the Home Builders Institute’s (HBI’s) Fall 2025 Construction Labor Market Report. Produced by NAHB’s economics team, the report quantifies the size and impact of the skilled labor shortage at $10.8 billion per year. The aggregate annual impact of the skilled labor shortage in the home building sector is $2.663 billion in terms of higher carrying costs and $8.143 billion in terms of lost single-family home building (19,000 homes). Read the report. Other key findings: There are currently 3.3 million payroll residential construction workers. Amid a dramatic slowdown in the job market, home builders and remodelers lost 26,100 jobs over the last 12 months. The percentage of Gen Z (those born between 1997 and 2012) participating in the construction workforce has more than doubled, increasing from 6.4% in 2019 to 14.1% in 2023. The impact of AI on the home building industry is limited but is likely to evolve in the coming years.
Upcoming Meetings & Events
December 2nd Orange County Spotlight 11:30-1:00 December 3rd Holiday Party - Fredericksburg Country Club 5:00-7:00 December 10th Associates Committee Meeting 12:00 - FABA Office December 10th Membership Committee Meeting 4:30 - FABA Office January 31st President's Gala Old Silk Mill
Calendar at a Glance
Membership Committee
The Membership Committee brings builder and associate members together to focus on recruitment of new members and retention of current members. This committee hold a meeting every 2nd Wednesday at 4:30 at the FABA office. Check the FABA calendar for all updates
Chair - Luke Moss. Ryan Homes
The fall brought in 20 new members!
Congratulations to Michael Pollaci of Contractor websites Plus who took home the membership Drive spike MVP for BOTH the Spring and Fall Drive! The Spike of the year award is still up for grabs! This award will be given at teh president's Gala on January 31st to the member who has recruited the most new members throughout the year.
The Associates Committee plans member events to promote doing business with members. These volunteers coordinate networking and social events for business connections. Stay tuned for new and exciting changes coming to this committee. This committee has a meeting every 2nd Wednesday at Noon.
Chair- Teressa Taylor- Griffs - teressa@ttgva.com
Associates Committee
Annual Meeting Highlights
Associates Committee Meeting Second Wednesday of each month at Noon
Thank you to our sponsors, speakers, and attendees for another fantastic Annual Meeting last week. Congratulations to our Fredericksburg Achievement in Building Awards (FABA Awards) winners: Community Impact- Ristorante Renato Via Spreading Smiles at Renatos Construction Manager of the Year- Donald Mitchell, Ray's Siding Sales Manager of the Year- Kristina Doggett Red Door Pro Wash Production/ Office Manager of the Year -Debbie Bruehs – Atlantic Builders Marketing Manager of the Year- Sherrie Shaw, Fairway Independent Mortgage MVP Spike Spring and Fall- Michael Pollaci, Contractor Websites Plus Pinnacle Builder- Halsey Homes
James Roberson 516 Project
Giving back to our community through servicing basic needs including food, housing and local charities related to the industry.
Tammy Reid | treid@uhm.com
Community Service Committee
Young Professionals Committee
To join the FABA Young Professionals committee email Meghan@fabava.com
The FABA Community Service Committee hosted their annual Friends giving to celebrate this year and take a moment of thanks for the comradery and teamwork they have found in this committee
Young Professionals committee is for individuals in the 21-45 age group to connect, and provides opportunities for professional development, social networking, mentoring, and personal growth for our members.
The wait is finally over, the first episode of the Faba podcast. Construction Conversations is now available on Spotify! We are so honored to have our current FABA president, Jeh Hicks of Jarrell Properties, sit down for an interview with us, discussing his mentors, his journey and his presidential legacy. Listen here
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FABA has been working with our exclusive, private partner, Small Business Growth Partners (SBGP) to help our members reach maximum growth and potential through their one of a kind BPA Process. This has been refined for over 10 years of working exclusively with Builders, Remodelers & HBA Associate Members. As an exclusive FABA member benefit, we are offering you the chance to register for and redeem your 2021 Business Diagnostic & Plan of Actions. An annual BPA is included 100% with your FABA Member Benefits (A $2,200 value).
Learn More Here
2025 FABA Board of Directors
President Jeh Hicks Jarrell Properties 1st Vice President Mike King Ray's Siding 2nd Vice President Luke Moss Ryan Homes Secretary Tim Hall Tricord Homes Treasurer Jeremiah Horstick CORELOT Immediate Past President Marc Simes Tricord Homes Associate Vice President Teressa Taylor-Griffs TTG and Associates Executive Officer Maria Moore FABA Legal Counsel Charlie Payne Hirschler NAHB State Representative Dan Sandoval Republic Home Builders HBAV State Representative Jeh Hicks Jerrell Properties Nominating Committee 2026: Mike King – chair Jeh Hicks Luke Moss Tammy Reid Dan Sandoval Builder Director James Roberson 516 Project Builder Director Krista Layman Spartan Homes Builder Director Dan Sandoval Republic Home Builders Builder Director Jimmy Whitman Axis Properties LLC. Associate Director Sara Fila Legacy Engineering Associate Director Shawn Callahan Metwood Building Supply Associate Director Nathan Dobbins The Riphean Group Associate Director Rick Furnival Sullivan, Donahoe & Ingalls Associate Director Daniel Hudson Holt For Homes Associate Director Kathy Roscoe Topdside FCU Associate Director Scott Hine Fairway Independent Mortgage Life Builder Director Sean Halsey Halsey Homes Life Builder Director Dan Sandoval Republic Home Builders Life Director Tammy Reid Union Home Mortgage - Team Reid