Number of improving housing markets spike in November

November 8th, 2012

More cities are seeing improvements in employment and housing markets.

Buyers have significantly more options when it comes to finding affordable properties, as the number of improving housing markets continues to climb.

According to the National Association of Home Builders/First American Improving Markets Index, the number of markets that have shown significant gains climbed by 22 markets to reach a total of 125 in November. The index relies on several benchmarks to make its determinations, including trends in employment, home prices and housing permits for several months. New markets added to the index now include Charlotte, North Carolina; Gainesville, Georgia; Omaha, Nebraska; and San Diego, California.

“This shows that a housing recovery is firmly taking root and helping generate needed jobs and economic growth across much of the country – though we know that this expansion could be even stronger were it not for ongoing challenges including overly tight lending conditions and difficult appraisals,” said Barry Rutenberg, chairman of the NAHB.

There are several factors buyers should consider when house hunting that go beyond the price they are looking for. A mortgage consultant can also help buyers learn about school districts, neighborhood amenities, proximity to the nearest metropolitan areas and community safety in a particular market.