NAHB statistics show local housing markets improving
Of the approximately 350 metro markets nationwide, 59 returned to or exceeded their last normal levels of economic and housing activity including one in the greater Salt Lake area, according to the NAHB/First American Leading Markets Index (LMI), released last week.
The index’s nationwide score ticked up to .88 from a March reading of .87. This means that based on current permit, price and employment data, the nationwide average is running at 88 percent of normal economic and housing activity. Meanwhile, 28 percent of metro areas saw their score rise this month and83 percent have shown an improvement over the past year.
“I think the big news here is that regions outside of the energy states continue to gain ground,” said NAHB Chief Economist David Crowe. “We still expect 2014 to be a strong year for housing and to aid in the overall economic recovery. The job market continues to mend and with that we will see a steady release of pent up demand of buyers.”
The Ogden-Clearfield metropolitan statistical area (MSA) is lagging behind both the Salt Lake City and Provo-Orem MSAs in the housing recovery, but on a national scale is right at the average.
Ogden ranks 153rd out of the 350 metro markets. Its overall recovery is following the national trend at 88 percent of normal economic and housing activity. Provo-Orem ranks 80th with its recovery at 97 percent. Salt Lake ranks 58th and has reached 100 percent of normal economic and housing activity according to the index.
Ogden is lingering in permits, at only 42 percent, where Salt Lake has reached 61 percent and Provo is at 72 percent. Ogden’s and Provo’s prices have climbed to 126 and 125 percent of normal, while Salt Lake’s prices are at 142 percent of normal. Employment levels are at 94 percent of normal in Ogden and Provo and 96 percent in Salt Lake.
“The lack of permits along with price improvement shows there’s a continuing lack of development going on in our area,” said NWHBA CEO Warren Wakeland. “We have a high demand but short supply. The local governments need to start approving more lots for residential development.”
Baton Rouge, La., continues to top the list of major metros on the LMI, with a score of 1.42—or 42 percent better than its last normal market level. Smaller metros showing recovery continue to be dominated by the middle of the country experiencing an energy boom. Odessa and Midland, Texas, boast LMI scores of 2.0 or better, with their markets are now at double their strength prior to the recession.
“Things are getting slowly better overall,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “And with the housing market now entering the spring buying season, the fact that the nation’s economy is headed in the right direction is a very promising sign.”
“Stronger employment numbers seemed to be the driving force this month—an important factor to the recovery of our economy,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report.
Article courtesy of Northern Wasatch Home Builders Association
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It seems like Spring is coming very quickly this year, and you know what that means? Snow melting very fast! We want to share a few tips to help you be prepared for that Spring run-off, so you don't end up having a melt-down when you find a flooded basement or damaged, wet valuables.
Focus on prevention. Long before you're in a flooding situation, look around your property for ways to divert rain water away from your home. Important considerations are extending rain gutter down spouts away from your home and making sure the grade of your yard surfaces slope away from your home. It is also helpful to make sure that you do not have leaves, garbage and debris blocking the downspouts, window wells, and drains.
Clean the rain gutters in the spring and after all the leaves have come down in the fall. Blocked gutters will cause all of the roof water to dump directly against your foundation, increasing the likelihood of basement flooding.
Walk around outside in your yard during a heavy rain storm. Watch to see if water is ponding next to your home and if surface water is being directed toward your home. If this is the case, seek a local landscaper or excavation contractor for advice on ways to regrade your yard so the surface water is directed away from your home.
Provide emergency power. Install an automatic emergency generator to provide electric service for essential circuits like your furnace or electric heat, well pump, refrigerator, septic tank pump and sump pump in the case when power is lost. Without emergency backup power, you may return home to unnecessary basement flooding, frozen water pipes and a flooded septic tank.
Install a sump pump. An automatic sump pump should help keep water leakage normal amounts of rainfall from building up in the basement. If you don't already have one, they can be installed even after your home is already built. A contractor may need to be used to cut the concrete, provide the best location, and you may need to get a permit from your local city or county office.
Check sump pump and drains regularly. Make a habit of checking your pump weekly to make sure, and it is running properly. Check drains for clogs or blockages in the pipes and make sure that the water can run freely from the end. Roots can grow through pipes causing blockages.
These are just a few tips to help you keep a dry home.
If you have any questions, Peterson Builders can help.
Check out our website www.petersonbuilders.com,
call (801) 745-3573 or email us at pbi@petersonbuilders.com
