connie vallone

Archive for the ‘new homes houston energy corridor’ Category

New-Home Sales Improve Slightly in June

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Investment Real Estate, new homes houston energy corridor, Real Estate Investment on August 8, 2017 at 5:46 pm

New-home sales improved in June, with sales of new, single-family homes eking up 0.8 percent to 610,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $379,500, while the median was $310,800. New-home listing inventory was 272,000—5.4 months supply.

“Although we saw modest gains this month, new-home sales have risen nearly 11 percent since the start of 2017,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB), in an NAHB Now update. “Our members remain optimistic as the single-family housing market continues to recover.”

“We saw new-home sales edge up a slight 0.8 percent in June solely because last month’s figure was revised downward, but this still reflects a recent increase in new construction resulting in new-home sales up 9.1 percent over the past year,” says Joseph Kirchner, senior economist for realtor.com®. “While that’s not enough to ease the shortage, there is some good news when it comes to new-home prices. Median sales prices dropped to $310,800 from $324,300 in May, though that’s still 3.4 percent above the same time last year. Builders have been focusing on more expensive homes, but the increase in low- to moderately-priced new-homes on the market will help millennials, first-time and moderate- to low-income homebuyers.”

“Both of June’s numbers aren’t statistically significant, so we should take them with a grain of salt,” wrote Ralph McLaughlin, chief economist at Trulia, in a Trulia Trends blog. “A less volatile number to look at is the 12-month rolling total, which is up 14.1 percent year-over-year. This represents the most since June 2008—a nine-year high.”

Source: U.S. Census Bureau

Reprinted with permission from RISMedia. ©2017. All rights reserved.

If you are interested in buying or selling real estate in the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

NEW LISTING! 1534 Ashford Hollow Lane, Houston, TX 77077 – MLS# 57902715

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor, Real Estate Investment, Selling your home, Terry Hershey Park on February 17, 2017 at 8:29 pm

1534 Ashford Hollow LaneBeautiful completely remodeled one story in desirable Ashford Forest! Step into your new home with a generous extra room and dining area or study that leads to family room with high ceilings that opens to kitchen with granite counters and Stainless Steel appliances. Well-appointed remodeled master suite with hardwood floors plus 3 more bedrooms with fully remodeled guest bath. Relax on your backyard patio with beautiful pavers and sprinkler system installed 2014. Air Conditioner compressor new in 2013,Water heater new in 2016, new sewer line and master plumbing updated 2016, Roof new in 2016. See brochure for all upgrades.

HAR Link: http://www.har.com/1534-ashford-hollow-lane/sale_57902715

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

10 Ways to Be More Energy Efficient at Home

In Buying a Home, Home Upgrades, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor, Real Estate Investment, Selling your home on January 26, 2017 at 2:17 pm

We all want to save money while helping the environment, and one simple way to do that is to scrutinize your energy usage at home. Here are 10 easy, low-cost tips for making your house operate more efficiently.

1. Insulate the water heater. Older natural gas storage water heaters can lose a lot of heat through their walls. Wrapping a heater in an insulating jacket can prevent excess heat loss and energy waste, but should be left to a professional installer so as not to accidentally cover the top, bottom, thermostat or burner compartment.

2. Seal leaks with weatherstripping. Air sealing, specifically weatherstripping, eliminates drafts to save energy while improving air quality and comfort. Weatherstripping reduces air leakage by creating a tight seal between movable components such as doors and windows. Before application, detect air leaks and assess the ventilation. Find air leaks through a blower door test from a qualified technician, or by inspecting inside and outside the home.

3. Insulate water pipes. Insulate hot water pipes to reduce heat loss and keep the water from cooling off before it reaches the tap. Adding insulation also will prevent cold water pipes from freezing.

4. Replace or clean the furnace filter. Change the heating system’s furnace air filter on a regular basis to keep air flowing without overworking equipment. This also keeps out dust and dirt that can lead to expensive repairs or early system failure. A clean furnace filter can lower natural gas consumption by up to 2 percent.

5. Use less hot water. Reducing hot water use is an easy, affordable way to see significant savings on energy and water bills. Run the automatic dishwasher only when full, and wash and rinse full loads of laundry in cold water. Install low-flow showerheads, and don’t forget to check for and repair plumbing leaks.

6. Use ceiling fans. Save on heating costs by using an ENERGY STAR® certified ceiling fan, which helps warm air circulate better and allows for setting the furnace temperature lower.

7. Install a programmable or smart thermostat. Programmable and smart thermostats can lower heating expenses and fit any lifestyle. Set the thermostat at 68 F, and then program it to decrease the temperature 8 degrees when no one is home and overnight. Smart thermostats are similar to programmable thermostats, but they also perform more advanced functions. A smart thermostat allows you to monitor and control the temperature in your home remotely from your smartphone or other web-enabled device.

8. Look for ENERGY STAR. If purchasing a new appliance, make it an ENERGY STAR rated appliance. For instance, an ENERGY STAR certified refrigerator uses less energy than a regular 75-watt light bulb.

9. Lower the water heater thermostat. Set your water heater thermostat to 120 F to save energy and money. For most homeowners, storage water heaters set above 120 F are simply using more energy without providing any additional benefits. One set to even 140 F can waste $36 to $61 annually in standby heat loss, and more than $400 in demand loss. Be sure to turn down the water heater when going on vacation to avoid energy waste.

10. Be smart with the fireplace. Open-hearth fireplaces draw heated air from inside the home, sending it up the chimney. When using the fireplace, install a snug-fitting set of glass doors and crack open a nearby window. Doing so reduces the amount of heated interior air drawn into the fireplace and improves efficiency by up to 20 percent.Source: Peoples Gas RISMedia Tracking Snippet *** Do Not Remove *** End RISMedia Tracking Snippet

Reprinted with permission from RISMedia. ©2017. All rights reserved.

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

New Home Price Report Shows Prices Up 6.2 Percent

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor, Real Estate Investment, Selling your home on October 13, 2016 at 2:53 pm

Home prices are up both year over year and month over month, according to the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for August 2016.

Home prices nationwide, including distressed sales, increased year over year by 6.2 percent in August 2016 compared with August 2015 and increased month over month by 1.1 percent in August 2016 compared with July 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from August 2016 to August 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from August 2016 to September 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Home prices are now just 6 percent below the nominal peak reached in April 2006,” says Dr. Frank Nothaft, chief economist for CoreLogic. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.”

“Housing values continue to rise briskly on stronger fundamental and investor-fueled demand, as well as lack of adequate supply,” says Anand Nallathambi, president and CEO of CoreLogic. “This continued price appreciation is contributing to a growing affordability crisis in many markets around the country.”

For more information, visit www.corelogic.com. RISMedia Tracking Snippet *** Do Not Remove *** End RISMedia Tracking Snippet

Reprinted with permission from RISMedia. ©2016. All rights reserved.

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

Prices up Nearly 6 Percent, Says New Home Price Report

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor, Real Estate Investment, Selling your home on July 21, 2016 at 6:11 pm

Home prices nationwide, including distressed sales, increased year over year by 5.9 percent in May 2016 compared with May 2015 and increased month over month by 1.3 percent in May 2016 compared with April 2016, according to the CoreLogic HPI.

 The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from May 2016 to May 2017, and on a month-over-month basis, home prices are expected to increase 0.8 percent from May 2016 to June 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” says Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” says Anand Nallathambi, president and CEO of CoreLogic. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”

For more information, visit www.corelogic.com RISMedia Tracking Snippet *** Do Not Remove *** End RISMedia Tracking Snippet

Reprinted with permission from RISMedia. ©2016. All rights reserved.

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at 713 249 4177, connie@knowsrealestate.com   or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

6 Essential Things to Look for in a New Home

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, new homes houston energy corridor, Real Estate Investment, Selling your home on June 10, 2016 at 6:53 pm

Investing in real estate is one of the most financially sound things you can do, but buying a new home might feel intimidating when it is your first time. It is understandable that you’d want to make the best decision possible. Here are six things to look for that can help with your decision.

Efficient HVAC System

Heating and cooling count for a large percentage of a home’s monthly operating costs. An outdated heating and air conditioning system will drive up your bills and decrease your comfort. Make sure the HVAC system is one of the newer efficient models and has been well maintained.

Good Layout

Decorating a home is easy and inexpensive, but big renovations like knocking out walls or adding rooms can drive up your costs later on. It is better to start with architectural details that you already enjoy. Pay attention to how one space flows to another, ceiling height, number of rooms and the amount of natural light.

A Sturdy Roof in Good Repair

Many homebuyers forget to check out this important home feature. A damaged roof can indicate water damage and mold problems elsewhere in the home. Your real estate agent can supply you with information about any recent upgrades to the structure and a professional home inspection can supply you with any other data you need to know before making your decision. These agents can also help you find solid listings of homes that have recently repaired.

 Upgraded Plumbing

Old homes can possess a lot of charm, but if you are considering buying a piece of vintage real estate, make sure you have the plumbing checked. Old metal pipes can leak or might be corroding and adding visible sediment to the water supply. Upgraded plumbing helps you avoid problems such as burst pipes and high water bills from inefficient plumbing features.

 A Great Kitchen

The kitchen is one of the most important rooms in the home. Even if you don’t plan to spend a lot of time there, you will want to make sure the kitchen adds a lot of value to the home in case you put it back on the market in the future. Renovating a kitchen can be costly, and so it is better to start out with a kitchen you know you can live with and enjoy.

The Right Number of Bathrooms

Adding a bathroom is not a simple task. Don’t settle for a home that lacks the right number of bathrooms to match your family’s needs. Two bathrooms at minimum are ideal.

Remember that details such as cabinet color, carpeting and other decorative features can be changed when you tire of them, but the architectural bones of the home is another story. Put more worth on a sound structure that you can do a lot with, and features such as a stone mantel, rather than easily replaced incidentals.

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max. 

 This post was originally published on RISMedia’s blog, Housecall.

  RISMedia Tracking Snippet *** Do Not Remove *** End RISMedia Tracking Snippet

Reprinted with permission from RISMedia. ©2016. All rights reserved.

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at 713 249 4177, connie@knowsrealestate.com   or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

Housing Industry Faces Flood Challenges, Says Freddie Mac

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, new homes houston energy corridor, Real Estate Investment, Selling your home on May 3, 2016 at 5:27 pm

Freddie Mac recently released its monthly Insight for April with a focus on the flood challenges the industry faces, the current system in the United States for dealing with flood risk, and some questions that will have to be addressed if climate change raises sea levels significantly.

Insurance is an essential component of real estate transactions, and flood insurance currently makes it possible to obtain loans for homes in areas of identified flood risk.

Some of the varied impacts of climate change — rising sea levels, changing rainfall and flooding patterns, increasing temperatures — may not be insurable. As a result, some important features of housing finance may have to change.

A large share of homeowners’ wealth is locked up in their equity in their homes. If those homes become uninsurable and unmarketable, the values of the homes will plummet, perhaps to zero. Unlike recent experience, homeowners will have no expectation that the values of their homes will ever recover

In the housing crisis, a significant share of borrowers continued to make their mortgage payments even though the values of their homes were less than the balances of their mortgages. It is less likely that borrowers will continue to make mortgage payments if their homes are literally underwater. As a result, lenders, servicers and mortgage insurers are likely to suffer large losses.

“One challenge for housing economists is predicting the time path of house prices in areas likely to be impacted by climate change,” says Sean Becketti, Chief Economist, Freddie Mac. “Consider an expensive beachfront house that is highly likely to be submerged eventually, although ‘eventually’ is difficult to pin down and may be a long way off. Will the value of the house decline gradually as the expected life of the house becomes shorter? Or, alternatively, will the value of the house — and all the houses around it — plunge the first time a lender refuses to make a mortgage on a nearby house or an insurer refuses to issue a homeowner’s policy? Or will the trigger be one or two homeowners who decide to sell defensively?

“Currently, under federal law, flood insurance is mandatory for all federal or federally-related financial assistance for the acquisition and/or construction of buildings in Special Flood Hazard Areas (SFHAs). In addition, Freddie Mac requires flood insurance before it will purchase a loan for a property in an SFHA. As the market shakes out in the affected areas some residents will cash out early and suffer minimal losses. Others will not be so lucky. And newcomers may appear, finally able to live out their dreams of living at the seashore, if only for a short time.”

For more information, visit www.freddiemac.com.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

Do you have real estate questions?   Contact Connie Vallone at (713) 249-4177 or connie@knowsrealestate.com or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com.

Buying a Home? 3 Ways to Beat the Competition

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor on April 19, 2016 at 5:53 pm

Connie ValloneWith home prices on the rise and mortgage rates still relatively low, now is the ideal time to buy a home. But in this type of market, competing offers can shut you out of the home of your dreams if you’re not prepared.

Beat the competition this home buying season with these 3 tips, courtesy of NeighborWorks America, a national nonprofit corporation.

1. Seek professional guidance. More than two-thirds of homebuyers in a recent NeighborWorks survey said that the home buying process is complicated. The best way to get a thorough understanding of the process is to consult with a real estate professional. If you find your finances are lacking, you may also want to meet with a housing counselor, who can offer additional support.

“The housing market is tough right now, with fewer homes for sale on the market than usual, and new mortgage rules and many mortgage products from which to choose,” says Marietta Rodriguez, spokesperson for NeighborWorks America. “To be in the strongest position to make an offer that is accepted, consumers have to be prepared. That’s where initial consultation with a housing counselor is a great first-step.”

2. Build a budget. National surveys have shown that less than one-third of consumers have a budget. Go into this home buying season with a budget that includes potential changes in commuting costs after purchase, home maintenance expenses, and even estimates for changes in life circumstances (such as becoming a parent or paying for college) to have a leg-up on the competition.

“Once all the numbers are on the table, it’s easier to see what type of home suits a family’s budget and needs, what might be necessary financial trade-offs, and what could be a direct line to trouble,” says Rodriguez.

3. Remain informed. The supply of homes on the market will be tight this season. Getting into a bidding war could weaken your resolve, and could push you beyond your means financially. In these circumstances, don’t be tempted to forgo important steps in the process, like the home inspection.

“Forgoing a home inspection to move up a place in the bidding process could be costly down the road if problems and defects with the home arise,” says Rodriguez.” NeighborWorks recommends that homebuyers have a home inspection, and know as much as possible about the inside of a home as the outside.”

Follow these three tips to ensure you stay ahead of the competition, and remember: contact a real estate professional. He or she can help you see you through from pre-approval to close.

Source: NeighborWorks America

Reprinted with permission from RISMedia. ©2016. All rights reserved.

If you are looking for Classic Real Estate Services from concept to closing, please contact Connie Vallone by phone (713) 249-4177, email connie@knowsrealestate.com or visit my website at www.houstonenergycorridorhomes.com or www.vallonehomes.com .

Homes Reach Peak Value in Many Markets

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, new homes houston energy corridor, Real Estate Investment, Selling your home on April 15, 2016 at 4:09 pm

Homes were worth more than ever before in 26 percent of U.S. housing markets indicating those markets are close to a full recovery, according to the February Zillow® Real Estate Market Reports.

Over the past year, housing markets in the South, especially Texas and Tennessee, have joined Western housing markets blowing past their previous median home value highs. Dallas home values set a new record at $180,700 in February, up 13.7 percent from last February. Louisville, Ky., values rose 13.2 percent to $146,100, and Nashville home values rose 9.5 percent to a median of $189,100.

The national Zillow Home Value Index was $184,600 in February, 5.9 percent below the record median home value set in mid-2007.

The record-high prices, combined with low inventory, make it difficult to buy a home in many markets, especially for renters trying to save for a down payment amongst historically high rental costs.

Median home values in hot Western markets such as Denver and San Jose continued to zoom past previous highs with double-digit growth, but other markets have more quietly surpassed their previous peaks and continue to grow.

Many experts surveyed in the November 2015 Zillow Home Price Expectations Survey said they are concerned homes in San Francisco, Seattle, San Diego, and Los Angeles are overvalued and approaching bubble conditions.

“These new records mean we’re no longer making up ground lost during the housing recession –we’re laying a new path forward, based on demand for housing and economic growth throughout the economy” says Zillow Chief Economist Dr. Svenja Gudell. “In some markets, these new highs are a return to normalcy. The fact that other markets are still off by double digits may not mean those markets are far from being recovered. It just highlights how extraordinarily inflated home values had been during the housing bubble.”

The Zillow Rent Index continued to rise in February, but at a slower rate, as new construction provided much-needed supply to rental markets. Of the top 35 metros, only San Francisco saw double digit rent appreciation, on an annual basis, at 10.5 percent.

Rents are rising at 2.6 percent year-over-year, which is in-line with income growth expectations for the year. The Zillow Rent Forecast indicates rent will continue to slow significantly over the next year.

For more information, visit www.zillow.com/research/data.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

Do you have real estate questions?   Contact Connie Vallone at (713) 249-4177 or connie@knowsrealestate.com or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com.

Housing Recovery to Pick Up Steam in 2016

In Buying a Home, Home Upgrades, Home Values, Houston Energy Corridor, new homes houston energy corridor, Selling your home on November 5, 2015 at 6:18 pm

Steady employment and economic growth, pent-up demand, affordable home prices and attractive mortgage rates will keep the housing market on a gradual upward trend in 2016. However, persistent headwinds related to shortages and availability of lots and labor, along with rising materials prices are impeding a more robust recovery, according to economists who participated in a recent National Association of Home Builders (NAHB) Fall Construction Forecast Webinar.
“This recovery is all about jobs,” says NAHB Chief Economist David Crowe. “If people can get good jobs that pay decent incomes, the housing market will continue to move forward.”
The good news, Crowe added, is that total U.S. employment of 142 million is now well above the previous peak of 138 million that occurred in 2008.
The one caveat is that job growth has been concentrated heavily in the service sector, which tends to pay lower wages than goods producing jobs.
Meanwhile, home equity has nearly doubled since 2011 and now stands at $12.5 trillion.
“The single biggest asset in most people’s portfolio is the home they own,” says Crowe. “That’s important because the primary purchasers of new homes are the sellers of existing homes. The more equity they have, the more comfortable they feel about purchasing a new home.”
And while mortgage interest rates are expected to rise over the near-term, averaging 4.5 percent in 2016 and 5.5 percent in 2017, Crowe says this is not expected to have an impact on the housing recovery. “As the economy gets better, job and wage growth should keep pace. So even though mortgage rates will rise, they will still be low by historical standards and very affordable.”

Supply Headwinds
Crowe noted several factors that are hindering a more robust recovery. Citing an NAHB survey of its members, 13 percent of builders reported the cost and availability of labor was a significant problem in 2011 and that concern jumped to 61 percent in 2014.
About one-fifth of builders shared the same concerns regarding lots in 2011 and that ratio shot up to 58 percent in 2014.
Concerns over building materials stood at 58 percent among builders in 2014, up from 33 percent in 2011.

Single-Family Continues to Post Gains
Turning to the forecast, NAHB is projecting 719,000 single-family starts in 2015, up 11 percent from the 647,000 units produced last year. Single-family production is projected to increase an additional 27 percent in 2016 to 914,000 units.
On the multifamily side, production ran at 354,000 units last year, slightly above the 331,000 level that is considered a normal level of production. Multifamily starts are expected to rise 9 percent to 387,000 units this year and post a modest 3 percent decline to 378,000 units in 2016.
Residential remodeling activity is forecasted to increase 6.8 percent in 2015 over last year and rise an additional 6.1 percent in 2016.

Suburbs are Still Hot
Looking at home buyer preferences, Trulia Housing Economist Ralph McLaughlin says that contrary to popular belief, millennials prefer to own a home in the suburbs rather than rent in the cities.
“Many believe that home buyers are bucking the trend of previous generations in that they want to live in urban areas and want to rent,” says McLaughlin. “What we are finding from our surveys is just the opposite. Among millennial renters, almost 90 percent say they eventually want to purchase a home. That is significantly higher than Gen Xers, who were hurt by the recession, and quite a bit more than current baby boomer renters, who are at 40 percent.”
However, an overwhelming majority of millennials, who are still starting households and paying off college debt, say it will be at least two years before they are ready to buy.
Roughly half of all Americans prefer to live in suburban areas, about a quarter prefer urban areas and just over 20 percent prefer rural communities, according to a Trulia survey conducted last November.
“As we get into the recovery, suburban areas are growing faster than urban areas,” says McLaughlin. “That is a sign that the urbanization trend we saw start to happen at the beginning of the recovery was more of a blip rather than a new rule.”
Moreover, the percentage of households living in urban neighborhoods in 2013 was lower among nearly all age groups compared to 2000.
“So again, this shows there really isn’t an urbanization trend among households,” says McLaughlin.
Over the past five years, the share of searches on Trulia in suburban-urban zip code areas has held fairly constant, at roughly a four-to-one-ratio for suburban searches.
“Home buyers are saying they prefer modern and modest sized homes in the suburbs with amenities,” he says, adding that 44 percent of Americans say they want to live in a house between 1,400 and 2,600 square feet.
Recovery in All Regions, but Pace Varies

Delving below the national numbers, NAHB Senior Economist Robert Denk says that housing market conditions are improving in all regions, but the pace of recovery continues to vary by state and region.
“We’ve gotten to the point in the recovery where we no longer have problems that came with the housing bust,” says Denk. “It now is really a matter of housing markets reconnecting to the fundamental drivers, and that is employment. Production has been rebounding in all regions, prices have been moving up and new foreclosures are back to more normal levels.”

Using the 2000-2003 period as a healthy benchmark when single-family starts averaged 1.3 million units on an annual basis, NAHB is projecting that single-family production, which bottomed out at an average 27 percent of normal production in early 2009, will rise to 74 percent of normal by the fourth quarter of 2016 and climb to 91 percent of normal by the end of 2017. Single-family production currently stands at 53 percent of normal activity.
The hardest hit areas during the downturn were a combination of the bubble states – California, Arizona, Nevada and Florida – and the industrial Midwest. The bubble states had the most excessive price and production spikes, while the problems in the Midwest were more related to fundamental economic weakness.
The most successful recoveries are happening now in the energy states, including North Dakota, Wyoming, Texas, Montana and Louisiana.
Other states exhibiting strong employment and housing growth include South Carolina, Utah, Tennessee, Idaho, Oregon and North Carolina.
In another way of looking at the long road back to normal, by the end of 2017, the top 40 percent of states will be back to 99 percent or more of normal production levels, compared to the bottom 20 percent, which will still be below 73 percent.

“Keep in mind that with all of these buckets, the numbers keep getting higher,” says Denk. “There is broad-based improvement across the country.”

For more information, visit www.nahb.org.  

Reprinted with permission from RISMedia. ©2015. All rights reserved.

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at (713) 249-4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com