There have been several stories published lately talking about the improving housing market across the country. While these headlines are great, it sill bears to mind what factors are contributing to this improving market. Phyllis Lerner, an associate at William Raveis Legends in Tarrytown, New York, presents some key indicators below. Read more of her insights on her blog, right here.
The latest National Association of Home Builders Improving Markets Index (IMI) numbers confirm that the real estate markets of 35 states in the United States are improving.
In order for a state to be considered an improving market it must have shown growth in construction permits, employment, and home prices for the last 6 months. Their data is derived from employment growth reports published by the Bureau of Labor Statistics, house price appreciation numbers from Freddie Mac, and single-family construction permit growth from the U.S. Census Bureau.
Each month new markets have been joining this list, while some previously “improving” markets have fallen of it. Much of the improvements come from an overall robust Spring selling season, including in the northeast, where unit sales numbers saw a significant jump.
There is also now enough evidence of the stabilization of many markets. After 5 consecutive months of steady gains, the IMI has began to plateau just now. Many markets are holding steady and some experiencing the gyrations that are to be expected throughout a choppy recovery.
Westchester County NY, the market I call home, is holding it’s own and the most recent sales numbers suggest a strong Spring market with slightly appreciating prices for most neighborhoods within the county. There have been even some bidding duels for some of the more attractive properties for sale (this is a trend that is being seen in different parts of the country, as well). If this trend continues our local markets are poised to favor sellers once more again.
Is the housing market improving in your town or city?