According to the National Association of Realtors, a newly unveiled forward-looking housing index by Nationwide says the U.S. housing market is at its healthiest level since 2001. The Health of Housing Markets Report will analyze the housing health outlook on a quarterly basis throughout 373 metro areas.
The index’s current leading indicator score for the fourth quarter of 2014, was 109.8, the highest level in the 15 years of data already examined by the study’s authors. A reading of more than 100 suggests the national housing market is healthy and shows few signs of a housing downturn over the next year.
The healthiest housing markets in the country are Pittsburgh, Cleveland, and Philadelphia, according to the index. The report considers employment, demographics, the mortgage market, and house prices to determine the health of each market.
“The HoHM Report provides a look into the future instead of the rear view mirror,” says David Berson, Nationwide’s chief economist and senior vice president. “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.”
This week, the National Association of REALTORS® reported that its forward-looking index, which is based on signed housing contracts, showed pending home sales at the highest level since June 2013.
Our local housing market seems to be continuing this trend with healthy sales through February and March as compared to the same time last year. Buyers are out in force at most price points, and inventory is still relatively low. With mortgage rates also continuing to remain low, I expect the spring season to continue with strong sales. If you are thinking of putting your home on the market, now is a great time to sell. Buyers are ready – and we’re seeing more instances of multiple offer situations when homes that are in good condition and are priced well hit the market.
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