KAYSVILLE -- Next month, Destination Homes plans to unveil an ambitious new 83-acre, 200-unit development in Davis County called Hill Farms.
Although the first homes will not be built until September, the Layton-based company's president, Brad Wilson, said potential buyers will be invited to tour the model.
Such a project would have been unimaginable a few years ago as the nation faced as a deep recession and the construction industry came to a standstill.
However, since the beginning of the year, many in the business community and the construction industry have seen definitive signs of hope that the housing industry is experiencing a rebound.
Destination Homes' volume is up 100 percent of what it was two years ago, but not as good as the height of the housing bubble in 2006, where it reached 300 homes.
Ogden-Weber Chamber of Commerce President Dave Hardman said it is the same for the rest of the housing market as well.
"It is huge right now," Hardman said. "Are we there with housing at a level we were in '06-'07? No, we're not, but we're ahead more than we were two years ago."
During the height of the bubble, much of the area did not see a dramatic increase in home prices and therefore most homeowners did not see a dramatic loss, said Ogden City Assistant Community Development Director Ward Ogden.
"It flattened down quite a bit for quite a few years," Ogden said. "It went down and stayed down, but it's been coming back up."
Still, most homebuyers wanted to wait until the economy, the job market and home prices stabilized, which meant that there was an ever- increasing supply of potential buyers who were waiting to enter the home buying market.
Those potential buyers included newlyweds and those entering the job market who chose to rent or live with their parents until they felt it was safe enough to purchase their own home.
Until recently, there was an excess inventory in homes for sale.
Now that the supply has been exhausted, homebuilders have begun new projects to meet the ever increasing demand.
Ogden said the city has three different projects under way and two additional projects approved.
Christy Vail, president of the Northern Wasatch Association of Realtors, said this is a great time for both the seller and consumer.
"It is on a great rebound, an incredible rebound," Vail said.
While inventory has increased and home values have stabilized, interest rates remain at historic lows.
"I don't know if we'll be able to see interest rates this low again or values this low again," Vail said. "It is just a great time to buy and sell real estate."
Yet a flurry of home buying also caused the economic collapse of 2008, with many people flooding the market with homes they planned to flip, or getting loans they were incapable of paying back, all leading to overvaluation and eventual defaults.
This time around, Wilson said the home buyers he sees are more secure.
Potential buyers are looking at homes they need, not trying to buy all that they can get.
With the housing rebound, also comes an increase in the number of available construction jobs.
Davis County Chamber of Commerce President Jim Smith said construction jobs are a bellweather of how the economy is doing.
"We have a lot of people with construction jobs in Davis County," Smith said, "many of whom have struggled."
With so much going into construction projects, the entire community benefits from new homes being built, including not just the subcontractors such as carpenters, electricians and roofers, but also the local merchants, as the money flows around.
"The dollars that trickle down from the construction industry are huge," Smith said.
In the meantime, Destination Homes plans to open its first two model homes next month.
As the state enters the warm weather months, the season for home buying is under way.