In the Spotlight: 99 Improving Housing
The number of improving housing markets across the country
rose to 99 in September, according to the National Association of Home
Builders (NAHB)/First American Improving Markets Index (IMI). This is
up from 80 metros that were listed as improving in August and includes
representatives from 33 states as well as the District of Columbia.
A complete list of all 99 metropolitan areas currently on
the IMI, and separate breakouts of metros newly added to or dropped from
the list in September are available at: www.nahb.org/imi.
Builder Confidence Continues to Improve
Builder confidence in the market for newly built, single-family homes
improved for a fourth consecutive month in August with a two-point gain
to 37 on the National Association of Home Builders/Wells Fargo Housing
Market Index. Regionally, builder confidence rose nine points to 42 in
the Midwest and two points to 35 in the South, but declined nine points
to 25 in the Northeast and three points to 40 in the West in August.
July Housing Numbers
Single-family authorizations: Up 4.5 percent (±0.8 percent) above
the revised June figure of 491,000.
Single-family housing starts: Down 6.5 percent (±8.7
percent) below the revised June figure of 537,000.
Single-family housing completions: Down 5.9 percent
(±9.2 percent) below the revised June rate of 476,000.
Rising Home Prices Push Affordability
Strengthening house prices in U.S. metros contributed to slightly lower
housing affordability in the second quarter, according to the National
Association of Home Builders/Wells Fargo Housing Opportunity Index. The
most affordable major housing market in this year’s second quarter was
Youngstown-Warren-Boardman, Ohio-Pa., where 93.4 percent of homes sold
during the period were affordable to households earning the area’s median
family income. Major metros at the bottom of the affordability chart included
San Francisco-San Mateo-Redwood City, Calif.; Bridgeport-Stamford-Norwalk,
Conn.; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale,
Calif.; in that order.
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