This article contains information from the NAHB on 2 topics: progress toward recovery in the housing market and the list of finalists in their 50+ housing category awards competition.
WASHINGTON – Markets in 59 of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, according to the National Association of Home Builders/First American Leading Markets Index (LMI) report from November. This represents a year-over-year net gain of seven markets. Based on current permit, price and employment data, the nationwide average is running at 90 percent of normal economic and housing activity. Meanwhile, 66 percent of markets have shown an improvement year-over-year.
“The markets are recovering at a slow, gradual pace,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “Continued job creation, economic growth and increasing consumer confidence should help spur pent-up demand for housing.”
Baton Rouge, LA, continues to top the list of major metros on the LMI, with a score of 1.39 – or 39 percent better than its last normal market level. Other major metros leading the list include Austin, Texas; Honolulu; Oklahoma City and Houston. Rounding out the top 10 are Los Angeles; San Jose, CA; Salt Lake City; New Orleans and Charleston, SC — all of whose LMI scores indicate that their market activity now equals or exceeds previous norms.
“Nearly half of all the markets on the Leading Markets Index are up since August, which is a good sign that the ongoing housing recovery will keep moving forward in 2015,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, which co-sponsors the LMI report.
Looking at smaller metros, both Midland and Odessa, Texas, boast LMI scores of 2.0 or better, meaning their markets are now at double their strength prior to the recession. Also leading the list of smaller metros are Grand Forks, N.D; Bismarck, N.D.; and Casper, Wyo., respectively.
Best of 50+ Housing Award Finalists Announced
Want to know which developments in the 50+ housing market are award winners? Check out the list of winners in multiple categories like “Best 50+ Mixed Use”, “Remodeled Project”, “Independent Living”, “Best 50+ For-Sale Community (Up to 200 Homes)”, etc. If you are looking for a new community to live in, why not pick an award winner!
Comments? How does the 50+ housing market feel to you, whether you are buying or selling? Every market is different, so let us know what it looks like to you in the comments section below.