In contrast to many recent dire housing studies, a recent report from the National Association of Home Builders showed some metropolitan areas are improving economically, with increases in not only employment, but also residential housing prices and permits.
A total of 12 areas were included in the NAHB/First American Improving Markets Index, including Midland, Texas; New Orleans, Louisiana; Anchorage, Alaska; Pittsburgh, Pennsylvania; Bangor, Maine; and Casper, Wyoming. All of these places had experienced improvements in each category over the course of six months.
The information could be quite positive to the housing market in general, as some of these cities are very influential on the national housing situation.
“By examining key indicators of home prices, employment and housing permits data, we are using a comprehensive, but conservative method in determining which markets are improving,” said NAHB chief economist David Crowe. “Last year at this time, there was not a single market that showed improvement using these criteria, and now we can point to 12 examples of growth.”
However, there is still a long way to go. At this point, the information may give lenders hope that the market will continue to improve.