NAHB: Many housing markets return to normal levels
Posted on Friday, March 7, 2014 at 8:56:18 AM
Economic bumps and bruises have slowed down the housing market over the past few years, but according to data from the National Association of Home Builders, more markets across the country have been returning to normal.
The NAHB's Leading Markets Index indicated that markets in 59 of roughly 350 metropolitan areas either hit or surpassed normal levels of economic and housing activity. This is good news, because it means that more stable conditions and better options await those interested in residential financing.
"Despite the cold weather that has constrained economic and housing activity across much of the nation this winter, markets are returning to normal levels," said NAHB chairman Kevin Kelly. "As the job and housing markets continue to mend and the onset of spring releases the pent-up demand for new homes, this will bode well for the remainder of 2014."
In addition, Trulia reported that home asking prices increased 10.4 percent year-over-year in February, although recent trends illustrate a slightly slower rate of growth. For example, on a quarterly basis, asking prices only ticked up 1.9 percent in that month. At its recent peak, quarter-over-quarter gains hit 3.5 percent in April 2013. That being said, prices are still on the way up, and total increases have passed historical norms.