Local housing numbers signal comeback
The housing comeback in the Triad is real, according to the National Association of Home Builders.
The Greensboro-High Point metropolitan statistical area was among 242 metro areas in the country that have shown improvement in housing permits, employment and house prices for at least six consecutive months.
Improving markets have been on the rise since August, when just 80 of the nation’s 361 MSAs were on the list. This month’s listing is up from 201 markets listed as improving in December, and includes entrants from 48 states and the District of Columbia.
According to the High Point Regional Association of Realtors, the market showed a 13 percent increase over the first 11 months of 2011 for the first 11 months of 2012.
“Instead of the seasonal slowdown that normally happens in October and November, the market was stimulated and grew by more than 16 percent,” said association President Cindy Martin. “So not only is the market stronger overall this year than last, the last months of the year show signs of leading the way to a very robust spring housing market.”
Housing permits in the area hit their lowest point July 2011 and have grown 3.5 percent since then, the largest growth percentage in the state. Employment also has gone up 3.5 percent after it hit its trough in February 2010. While six metro areas dropped off the list this month, 47 were added, including Asheville and Rocky Mount.
“The IMI (Improving Markets Index) has almost doubled in the past two months as stronger demand during prime home-buying season boosted prices across a broader number of metropolitan areas,” said NAHB Chief Economist David Crowe. “Similar home price gains, and hence the IMI, may be tempered in the future as we see data from typically slower months for home sales.”
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