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Housing Index Shows Improving Markets Throughout Florida
|As numerous industry reports show the housing market is stabilizing, a new index shows 80 metropolitan areas across the country showed measurable improvement in June, including many in Florida.
Wednesday, July 11th, 2012
As numerous industry reports show the housing market is stabilizing, a new index shows 80 metropolitan areas across the country showed measurable improvement in June, including many in Florida.
The National Association of Home Builders Improving Markets Index for June was down from the 100 markets shown as improving in May, but includes 28 new entrants and at least one representative city from 31 different states.
Six housing markets in Florida - Cape Coral, Deltona, Orlando, North Port, Punta Gorda and Pensacola showed signs of improvement in housing permits, employment and home prices for six consecutive months. In Cape Coral, permits grew 4.2 percent while prices increased 4.6 percent. The prices of homes in Pensacola were up 0.9 percent, and were up 3.9 percent in Orlando.
Other notable new entrants throughout the country include Tuscaloosa, Alabama; Grand Junction, Colorado, and Knoxville, Tennessee.
The shifting of some markets off the IMI in June underscores the fragile nature of the housing recovery as well as the fact that many locations that previously made the list had recorded only marginal house price gains, which were easily wiped out by small downward changes,” noted NAHB chief economist David Crowe.
He also noted that the addition of multiple new areas on the list each month should be considered encouraging, as local economies and job markets are improving and leading the recovery of housing markets throughout the country.
Improving housing markets allow potential buyers and current owners of Florida homes to buy with confidence. Low home prices continue to provide buyers with high affordability when combined with record-low mortgage rates, while improving prices allow sellers to price their homes competitively.