Housing Market Is Healthiest In Years!
Pictured here:
Gia and Joey Healy – Our youngest new homeowners (Millennials)
Who says Millennials are not buying houses!
Did you know that Millennials comprised 31 percent of recent purchases, leading all other age groups.
Here are the percentages for other generations:
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30% – Generation X
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30% – Boomer Generation
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9% – Silent Generation
They are smart, savvy….. they know that:
“Homeownership has consistently created generational wealth more reliably, and more ‘democratically’, than any other asset class. And it does so in a manner entirely ancillary to its primary purpose of giving you a place to lay your head and keep your stuff.”
HousingWire’s Senior Financial Reporter, Trey Garriso
Nationwide’s recently unveiled, Health of Housing Market (HoHM) Report, the US housing market is at it’s healthiest levels since the index’s creation in 2001. The index analyzes the health of the housing market across the country and in 373 metro areas every quarter. Using the data that they have collected over the past 15 years, Nationwide will look to give a “data-driven view of the near-term performance of housing markets based upon current health indicators.” The fourth quarter of 2014 ended with the highest indicator score in over 15 years of data analyzed by the study at 109.8. The report explains:
“An index value over 100 suggests that the national housing market is healthy, with lower chances of a housing downturn over the next year as the index moves increasingly above the 100 breakeven value.”
Employment, demographics, the mortgage market, and housing prices are all used to evaluate the health of each market.
The top 10 healthiest housing markets according to the index are:
- Pittsburgh, PA
- Cleveland-Elyria, OH
- Philadelphia, PA
- Rockford, Ill.
- Burlington, NC
- Scranton-Wilkes-Barre, PA
- Fayetteville-Springdale, AK-MO
- Idaho Falls, ID
- Tulsa, OK
- Kennewick-Richland, WA
The two ‘least healthy’ markets were Bismark, ND and Atlantic City, NJ who received “just slightly negative performance rankings”. David Berson, Nationwide’s Chief Economist and Senior Vice President, says “the quarterly report should serve as a resource to gauge how healthy housing markets are today but, perhaps more important, what to expect in the future and why.”
Bottom Line
The housing market continues to recover and surpass recent history.
We will be happy to represent you as buyer/seller agents.
