Last year was an unusual one for the housing market in a lot of ways, but perhaps the oddest numbers came out of the new-home market (via the Market Watch blog):
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A list that tracks improving housing markets grew to 98 metro areas this month, adding some of the nation’s largest and hardest-hit areas.
The National Association of Home Builders/First American Improving Markets Index uses growth in housing permits, employment and home values in calculating its list. Cities must have experienced increases in each category for six consecutive months.
Seven of the nation’s biggest metro areas joined in February: Miami; Boston; Detroit; Kansas City; Portland, Ore.; Memphis; and Salt Lake City. Thirty-six states now have at least one city on the list.
“While many of the markets on the February IMI are far from fully recovered, the index points out where employment, home prices and housing production are no longer retreating and have held above their lowest recession troughs for six months or more,” said David Crowe, chief economist for the association.
“This is a sign that a large cross section of the country is starting to turn the corner as local economic conditions stabilize.”
Here are the metro areas on the list:
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Today, we’re taking a graphical look at the next three years in the housing market…what do you think?
Click here for the full article from the Marketwatch blog.
Please leave us your comments at the bottom.
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The online real estate market Zillow.com recently compiled its list of the markets that showed the biggest drops in the prices of homes for sale from coast to coast, and they are concentrated in four states.
Perhaps coincidentally, the Interstate 75 corridor cuts through all but two of the cities, as it runs from Florida through Georgia and north to Michigan.
The lowest average listing price on the list was in Lansing, Mich., at $56,600, followed by Macon, Ga., at $57,000. Bakersfield, Calif., had the highest price at $130,300, followed by Gainesville, Ga., $124,500.
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The housing data research company ClearCapital recently posted its report on 2011 and predictions for this year.
Included in the report is its projections for its Home Price Index on the 50 metro markets it tracks across the nation. Here is a look at some of the notable markets in ClearCapital’s report:
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