Provided By Realty Times
The last few months have shown marked improvement in certain key markets across the country. This report comes fro the National Association of Home Builders/First American Improving Markets Index (IMI). According to the NAHB, "The index identifies metropolitan areas that have shown improvement for at least six months in housing permits, employment and housing prices."
Making the list in November are:
Corpus Christi, TX
Fort Collins, CO
New Orleans, LA
Pine Bluff, AR
Seven of these improving markets are found in Texas. Why is this? "Texas continues to dominate the list of improving housing markets in November, increasing its net number of entries to eight and continuing a trend in which energy-producing metros seem to be doing better than the average," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. "Meanwhile, the geographic diversity of metros also continued to expand this month, with the states of Colorado, Georgia and Ohio all represented for the first time. This is further evidence that all housing markets are uniquely dependent upon local conditions, and some are leading the way toward an eventual, broader recovery."
Also of note was the general lack of major metro markets on this month's list. "The November IMI remains heavily weighted by smaller cities, with Pittsburgh and New Orleans as the only major metros represented," said NAHB Chief Economist David Crowe. "This is indicative of the tough conditions that continue to prevail across much of the country, particularly in larger markets that have been hit hardest by job losses and foreclosures during the recession and that will take more time to heal. However, momentum is building in pockets of the country where energy and agriculture are the dominant industries and where consistent, measurable improvements in economic conditions are now becoming apparent."
How can you go about assessing your own local market? You can start by looking at the same key identifiers the NAHB uses. Have their been increases in housing permits? What is the current rate of pending sales/contracts in your community? Are homes sitting on the market longer than 6 months?
Perhaps most important is to consider the state of the local economy. What is your local unemployment rate and is it on the rise or decline? The jobs markets is key to the health of many local housing markets for a simple reason. People with steady employment make moves. Those who are unemployed or struggling to keep the job they have are not generally inclined to jump into the large financial decision buying a home is.
In order to find this information, you'll need to enlist the help of several local professionals. Local real estate agents have access to a wealth of local information, including days on market, median sales prices, and they can even provide you with a market analysis on your own home. Local county offices may have public records that can show you the latest jobs trends for your city and region.
The figures are mixed for markets across the country. Some areas are seeing marked improvement, while others continue to face an uphill battle.
If you are interested in learning more about the housing market in your area, contact us at 972.772.7000 or email us at firstname.lastname@example.org.