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turnaround of housing market?


Recovery Continues for U.S. Housing Markets

tue2.jpg was recently the bearer of good news for the real estate community. The site released a price performance summary that tracks repeat sales of the nation’s homes, otherwise known as its November Local Market Index.  Using home pricing data, the Index reflects the year-over-year gains for single-family properties in all 300 of America’s top markets.

In conjunction with this Index, the site also addressed local sector housing trends by releasing a Local Market Index for the Top 100 markets, as well as a Midsize Markets Report for areas ranked from 101-300. Increases were noted in 235 of these 300 markets. Although this number is slightly less than the previous month, seasonal trends likely played a part.

Of the top 100 markets from the Local Market Index, 28 are in full recovery. The Midsize Market boasts an equally impressive recovery with 59 of its 200 markets having fully recovered their home price loss that resulted from the housing bubble burst. Altogether the total markets have seen a 29% recovery, a number that inspires hope all the more for real estate’s upcoming busy season.

The executive vice president of added encouragement with this statement: “This year will continue to bring good news, with numerous markets providing opportunities for consumers to take advantage of improvements as they consider buying and selling decisions.”

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New home construction makes a comeback

Ryan Connolly The market may have slowed, but CNN reports that one aspect of home sales is up -- new builds.

A recent government report showed that new home construction surged to its highest level in four months this August. That equated to an average increase of 10.5%!

Could this be a step in the right direction?

By sector, the market saw an up-tick in single-family new builds of 4.3% and a staggering increase in the start of multi-family homes of 5 or more units of 43%. This makes some sense given the number of American's forced to consider renting as an option post-recession and landlords of all sizes looking to capitalize on this fact.

However, even though new construction permits were also up in August (by 1.8%), they are down 6.7% from last year. These numbers show the national housing market has not yet fully recovered. As noted in our post on September 8th (In various report, Buffalo continues to rank as top housing market), Western New York has avoided that troubles inflicted upon so many elsewhere. We should continue to count ourselves as lucky.

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