Signs That Most Real Estate Markets Are Improving
June 19, 2012
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)numbersconfirm thatthe real estate markets of 35 states in the United States are improving.
In order for a state to be considered an improvingmarketit must have shown growthinconstruction permits, employment, and home prices for the last 6 months. Their dataisderived from employment growth reportspublished by the Bureau of Labor Statistics, house price appreciation numbers from Freddie Mac, and single-familyconstruction permit growth from the U.S. Census Bureau.
Each month new markets have been joining this list, while some previously improving markets havefallen of it. Much of the improvements comefrom an overallrobustSpring selling season, including in the northeast, where unit sales numbers saw a significant jump.
There is also now enough evidence ofthe stabilization ofmany markets. After 5 consecutive months of steady gains, theIMIhas began to plateau just now. Many markets are holding steady andsome experiencing thegyrations that are to be expectedthroughout a choppy recovery.
Westchester County NY, the market I call home, is holding its own and the most recent sales numberssuggest a strong Spring market with slightly appreciating prices for mostneighborhoods 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 continuesour localmarketsare poised to favor sellers once more again.
Is the housing market improving in your town or city?