Housing market recovery slow, but improving
Posted on Friday, November 7, 2014 at 8:46:17 AM
Despite a number of positive trends, such as low residential financing rates, the recent housing market growth has left a bit to be desired.
However, a report from the National Association of Home Builders indicated that the recovery is moving along in several major markets, albeit a little slowly. For example, NAHB's Leading Markets Index showed that 59 out of 350 metropolitan areas in the country saw economic levels match or surpass their normal benchmarks during the third quarter of 2014.
In addition, the NAHB survey found that 66 percent of these markets had year-over-year improvements in regard to economic and housing activity.
"The markets are recovering at a slow, gradual pace," explained NAHB chairman Kevin Kelly. "Continued job creation, economic growth and increasing consumer confidence should help spur pent-up demand for housing."
Furthermore, recent analysis from Trulia has shown that home price slowdown might not be as widespread as previously believed. In its report, Trulia noted that asking prices rose 6.4 percent in October compared to the same time last year. While year-over-year home price gains are down, some markets have actually seen growth, such as Las Vegas.
Overall, individual areas across the country still present plenty of opportunities for homebuyers and sellers.