The housing market growth has spread to 274 metropolitan cities according to the National Association of Home Builders Improving Markets Index. The expansion has brought new jobs and local tax revenues to an increasing amount of cities as well as home starts and sales. David Crowe, the NAHB Chief Economist said, “with just over 75 percent of the 361 metros covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year.” More here
According to the National Association of Home Builders, builder confidence has dropped slightly, but home-building demand continues to increase. The Chairman at the NAHB, Rick Judson said, “many of our members are reporting increased demand for new homes in their markets.” Building supply companies are finding it difficult to keep up with the high demand in supply. The long term prognosis for home building supply and demand is expected to grow over the coming six months. More here
The National Association of Home Builders Housing Market Index measures builder confidence in the market for newly built, single-family homes on a scale where any number below 50 indicates that more builders view conditions as poor than good. In November, the index rose five points to 46. It was the seventh consecutive monthly gain and a significant improvement over last year’s reading of 19. Builder confidence is now at its highest level since May 2006. Barry Rutenberg, NAHB’s chairman, said builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink across the country. Components measuring current sales conditions and expectations for the next six months both experienced gains, as did all four regions of the country. More here.
The National Association of Home Builders Improving Markets Index identifies metropolitan areas that have experienced at least six consecutive months of improvement in housing permits, employment, and home prices since their respective bottoms. In November, the list of improving markets expanded by 22 metros bringing the total for the month to 125. It was the third consecutive monthly gain and nearly 100 cities better than last November’s total. Barry Rutenberg, chairman of the NAHB, said the housing recovery is firmly taking root and helping generate jobs and growth across the country. The geographic diversity of the index also improved, with 38 states and the District of Columbia now represented on the list. New additions to the index include San Diego, Calif.; Gainesville, Ga.; Omaha, Neb.; Louisville, Ky.; and Charlotte, N.C. More here.
According to the outlook of a group of economists recently gathered by the National Association of Home Builders, the housing market is recovering steadily and should continue to gain momentum though next year and beyond. David Crowe, NAHB’s chief economist, said we’re seeing a more robust housing sector than other parts of the economy due to rising home prices across the nation. The NAHB is forecasting a 21 percent increase in housing starts this year and an additional 26 percent climb in 2013. Mark Zandi, chief economist of Moody’s Analytics, believes low mortgage rates, job market gains, and less economic uncertainty will lead to an acceleration in GDP growth as well as new home construction. A big part of this optimism is the housing market, Zandi said. Also, NAHB’s vice president of forecasting and analysis, Robert Denk, said that housing production should be 55 percent back to normal by the end of next year. More here.
The National Association of Home Builders Housing Market Index measures builder confidence in the market for new, single-family homes on a scale where any number above 50 indicates more builders view the market as good than poor. In October, the index increased to 41. It was the sixth straight month of gains and put confidence at its highest level since June 2006. Barry Rutenberg, NAHB’s chairman, said many builders are reporting increases in the number of serious buyers visiting their sales offices and the overall confidence measure is much higher than it was a year ago. October’s gains were driven by a five point increase in the component measuring traffic of prospective buyers, which rose to its strongest reading since April 2006. Regionally, builder confidence was up in three of four regions, with the Northeast unchanged from the month before. More here and here.
The National Association of Home Builders Housing Market Index measures builder confidence in the market for newly built, single-family homes. The monthly survey asks builders for their perceptions of the current market, traffic of prospective buyers, and expectations for the next six months, then scores each component on a scale where any number over 50 means more builders see conditions as good than poor. In September, the index rose to 40, the highest level since June 2006 and the fifth straight month of improvement. David Crowe, NAHB’s chief economist, said builders across the country are expressing a more positive outlook and are seeing more traffic through their model homes than they have in more than five years. More here and here.
The National Association of Home Builders Improving Markets Index lists metropolitan areas that have shown six consecutive months of improvement in housing permits, employment, and home prices. In September, the index reached a total of 99, up 19 over August’s total of 80. Barry Rutenberg, chairman of the NAHB, said the growth is an encouraging sign that housing continues on a slow but steady recovery path that is advancing from one local market to the next. The list now includes metros in 33 states and the District of Columbia. New markets added to the index include Tucson, Ariz.; Jacksonville, Fla.; Springfield, Ill.; Greenville, N.C.; and Bend, Ore. Only 12 cities fell off the list from the previous month, while 68 retained their spots and 31 new metros were added. More here and here.
Nearly 74 percent of all new and existing homes sold during the second quarter of this year were affordable to a family earning the national median income of $65,000, according to the National Association of Home Builders Housing Opportunity Index. But though that’s high by historical standards, it’s down from a record 77.5 percent of homes during the first quarter. Barry Rutenberg, NAHB’s chairman, said the decline in affordability is a positive development because it’s another signal that the housing recovery is taking root, which should lend confidence to buyers and sellers in the current market. In 92 percent of the metros covered by the index, prices were up from the first quarter of this year. The most affordable major housing markets during the second quarter included Youngstown and Dayton, Ohio; Buffalo, N.Y.; Indianapolis, Ind.; and Modesto, Calif. More here and here.
The National Association of Home Builders Housing Market Index is a measure of builders’ perception of the market for newly built, single-family homes on a scale where any number above 50 indicates that more builders view sales conditions as good than poor. In August, builder confidence rose two points to 37, reaching its highest level since February 2007. Barry Rutenberg, chairman of the NAHB, said builders see current sales conditions, sales prospects for the next six months, and traffic of prospective buyers as better than they’ve been in more than five years. According to Rutenberg, the outlook appears to be brightening after the depths of the recession. The gains marked the fourth consecutive month of improvement for the index. Regionally, three-month moving averages show the Midwest up five points, and the South and West both gaining three points. More here.