Housing Market Trends - What Does it Mean Locally?

Housing Market Trends - What Does it Mean Locally?

Triangle Area NC Housing Market Strengthening

Growth patterns and economic changes throughout the Nation will impact the local housing market in 2013. Below are a few February statistics and trends I believe will continue to signal strength in the housing sector at a national and local level. 

• Unemployment claims 4 wk. avg. for Feb 9 ticked up slightly, but remained at a five-year low, and clearly below Jan/Dec.
• The strength in housing this year, in contrast to weakness in 2010/11/12, is a significant positive for many reasons:
• It lifts employment.
• It lifts confidence of both consumers and business people (they own houses).
• It lifts consumer net worth, which is on track to make a new high in 1Q.
• Bank stocks are up +7% year to date.
• Railcar loadings continued to surge through Feb 9, and +3% ytd or roughly a +30% a.r. 
• House prices rise in 88% of US cities.
• Ford’s worker bonuses increased +34% to $8,300.
• The Empire mfg index for Feb surged, another sign of strength for the industrial sector.
• Sharp slowdown in healthcare costs helping narrow the federal deficit. Reducing the federal deficit typically improves consumer confidence.

Stay tuned…..