77. New Orleans-Metairie-Kenner, LA
Market Health Indicator: 38.7
2011 Building Permit Forecast: 3,993
Percent Change in Building Permits: 79%
This could be a breakout year for the New Orleans housing market, which is still trying to recover from Hurricane Katrina. Population has been growing steadily in the Big Easy since it lost roughly 120,000 of its 496,000 households after the storm. The number of households is now back to 447,000.
Meanwhile, prices remained pretty stable, despite the out-migration. The median price of a home, $157,000, remains within $3,500 of where it was in 2007, a testament to the region’s strong cultural allure. Moody’s projects only a small decline this year.
Unemployment is very low, 7.31% last year, in part because so much of the population has left town. It may worsen this year, according to Moody’s, thanks in part to the closure of Northrop Grumman’s shipyard in New Orleans, but it will remain well below the national average. Though permit activity sank to a new low last year, 2,229, Moody’s is calling for a major reversal this year. Single-family traditionally accounts for 90% or more of permit activity in New Orleans.
Visit our Local Markets page for New Orleans to see more data and analysis.
54. New York-Northern New Jersey-Long Island, NY, NJ, PA
Market Health Indicator: 48.2
2011 Building Permit Forecast: 29,215
Percent Change in Building Permits: 61%
Big things have been happening in the Big Apple in the last year and a half. The in-town condo market recovered earlier than most markets, no doubt thanks to renewed stability on Wall Street and the financial markets. Now that prosperity appears to be spreading to the suburbs. Permit activity in Edison, N.J., rose 41% last year. Nassau-Suffolk, NY, witnessed an 11% increase.
All told, permits rose 11% in the region last year and are expected to accelerate in 2011, even as home prices fall 10%, according to Moody’s projections. New York was the fourth largest housing market in the country last year. Median home prices ($415,000 last year) are down only 12% from the peak of the housing boom. Population growth has accelerated over the last two years.
New York also has strong income growth on its side. The median income here, $70,000 last year, is expected to rise another 3.14% this year, one of the biggest increases in the country. Unemployment, already below the national average, is projected to fall to 8% this year.
Visit our Local Markets page for New York to see more data and analysis.
35. Oklahoma City, OK
Market Health Indicator: 55.9
2011 Building Permit Forecast: 5,340
Percent Change in Building Permits: 42%
Oklahoma City, the 32nd largest housing market last year, has one of the lowest unemployment rates in the country at 6.37%. The market’s low jobless rate, though, may be a double-edged sword. It will be tough for the market to register further increases this year, especially given the region’s relatively weak household growth rate of 1.28%.
Oklahoma City received a boost recently when Boeing announced plans to move two defense programs there that will produce 500 jobs. The other good news is that median income, $52,000 last year, is growing again. It is expected to increase by a hefty 3.63% this year.
While Oklahoma City is an affordable market, with a median home price of $138,000, prices declined in the last year and are expected to drop another 2% this year. To create more housing demand, themetro area of 1.24 million needs even stronger job and income growth to attract more households.
Visit our Local Markets page for Oklahoma City to see more data and analysis.
66. FL” target=”_blank”>Miami, Fl
Market Health Indicator: 43.6
2011 Building Permit Forecast: 10,786
Percent Change in Building Permits: 72%
Miami, the poster child for the overheated condo market during the housing boom, is still trying to dig out from under a collapse caused by over-zealous production and loose underwriting. More households, 172,000, received foreclosure notices here last year than any other market in the country. They remain at a highly elevated rate, 43% above 2008 levels.
For that reason, median home prices are expected to continue falling this year, 20% by Moody’s estimates. Median home prices had dropped to $202,000 last year, compared to $371,000 in 2005, when the huge number of cranes on the skyline drew comparisons to Dubai. Unemployment here is well above average at 11.74% last year.
But there are two Miamis. Those who have jobs will see a strong rise in income, one of the highest rates on the list. Prices of new attached homes actually rose last year, according to data compiled by Hanley Wood Market Intelligence, even though volume remained far off boom levels.
Miami rebounded to become the 5th largest housing market last year, with more than 8,000 building permits, a trend that’s expected to continue this year. In 2006, Miami produced more nearly 46,000 building permits.
Visit our Local Markets page for Miami to see more data and analysis.
24. Mobile, AL
Market Health Indicator: 61.7
2011 Building Permit Forecast: 1,143
Percent Change in Building Permits: -4%
On paper, Mobile has some of the best housing metrics in the country. Strong household growth–it’s expected to rise another 2.2% this year–had kept home prices stable from 2007 through 2009. Likewise, permit activity kept at an even keel, in the 2,400 range, during the economic and housing recession.
Last year, builders lost confidence–housing permits fell 46%. This happened as unemployment rose to 10.8%. Some of the increase may have been due to formerly discouraged people renewing the search for work. Though the market is expected to add back some jobs this year, it will be another year before permit activity recovers.
The economic dip sapped housing demand and brought down median home prices by $7,000; they finished at $121,000 last year. Moody’s expects them to fall another $3,000 this year but then recover all the lost value in 2012. Incomes in Mobile, very low to begin with at $36,000, also fell last year, though Moody’s forecasts that they will rise to new highs over the next two years.
Visit our Local Markets page for Mobile to see more data and analysis.
77. New Orleans-Metairie-Kenner, LA
Market Health Indicator: 38.7
2011 Building Permit Forecast: 3,993
Percent Change in Building Permits: 79%
This could be a breakout year for the New Orleans housing market, which is still trying to recover from Hurricane Katrina. Population has been growing steadily in the Big Easy since it lost roughly 120,000 of its 496,000 households after the storm. The number of households is now back to 447,000.
Meanwhile, prices remained pretty stable, despite the out-migration. The median price of a home, $157,000, remains within $3,500 of where it was in 2007, a testament to the region’s strong cultural allure. Moody’s projects only a small decline this year.
Unemployment is very low, 7.31% last year, in part because so much of the population has left town. It may worsen this year, according to Moody’s, thanks in part to the closure of Northrop Grumman’s shipyard in New Orleans, but it will remain well below the national average. Though permit activity sank to a new low last year, 2,229, Moody’s is calling for a major reversal this year. Single-family traditionally accounts for 90% or more of permit activity in New Orleans.
Visit our Local Markets page for New Orleans to see more data and analysis.
54. New York-Northern New Jersey-Long Island, NY, NJ, PA
Market Health Indicator: 48.2
2011 Building Permit Forecast: 29,215
Percent Change in Building Permits: 61%
Big things have been happening in the Big Apple in the last year and a half. The in-town condo market recovered earlier than most markets, no doubt thanks to renewed stability on Wall Street and the financial markets. Now that prosperity appears to be spreading to the suburbs. Permit activity in Edison, N.J., rose 41% last year. Nassau-Suffolk, NY, witnessed an 11% increase.
All told, permits rose 11% in the region last year and are expected to accelerate in 2011, even as home prices fall 10%, according to Moody’s projections. New York was the fourth largest housing market in the country last year. Median home prices ($415,000 last year) are down only 12% from the peak of the housing boom. Population growth has accelerated over the last two years.
New York also has strong income growth on its side. The median income here, $70,000 last year, is expected to rise another 3.14% this year, one of the biggest increases in the country. Unemployment, already below the national average, is projected to fall to 8% this year.
Visit our Local Markets page for New York to see more data and analysis.
35. Oklahoma City, OK
Market Health Indicator: 55.9
2011 Building Permit Forecast: 5,340
Percent Change in Building Permits: 42%
Oklahoma City, the 32nd largest housing market last year, has one of the lowest unemployment rates in the country at 6.37%. The market’s low jobless rate, though, may be a double-edged sword. It will be tough for the market to register further increases this year, especially given the region’s relatively weak household growth rate of 1.28%.
Oklahoma City received a boost recently when Boeing announced plans to move two defense programs there that will produce 500 jobs. The other good news is that median income, $52,000 last year, is growing again. It is expected to increase by a hefty 3.63% this year.
While Oklahoma City is an affordable market, with a median home price of $138,000, prices declined in the last year and are expected to drop another 2% this year. To create more housing demand, themetro area of 1.24 million needs even stronger job and income growth to attract more households.
Visit our Local Markets page for Oklahoma City to see more data and analysis.
66. FL” target=”_blank”>Miami, Fl
Market Health Indicator: 43.6
2011 Building Permit Forecast: 10,786
Percent Change in Building Permits: 72%
Miami, the poster child for the overheated condo market during the housing boom, is still trying to dig out from under a collapse caused by over-zealous production and loose underwriting. More households, 172,000, received foreclosure notices here last year than any other market in the country. They remain at a highly elevated rate, 43% above 2008 levels.
For that reason, median home prices are expected to continue falling this year, 20% by Moody’s estimates. Median home prices had dropped to $202,000 last year, compared to $371,000 in 2005, when the huge number of cranes on the skyline drew comparisons to Dubai. Unemployment here is well above average at 11.74% last year.
But there are two Miamis. Those who have jobs will see a strong rise in income, one of the highest rates on the list. Prices of new attached homes actually rose last year, according to data compiled by Hanley Wood Market Intelligence, even though volume remained far off boom levels.
Miami rebounded to become the 5th largest housing market last year, with more than 8,000 building permits, a trend that’s expected to continue this year. In 2006, Miami produced more nearly 46,000 building permits.
Visit our Local Markets page for Miami to see more data and analysis.
24. Mobile, AL
Market Health Indicator: 61.7
2011 Building Permit Forecast: 1,143
Percent Change in Building Permits: -4%
On paper, Mobile has some of the best housing metrics in the country. Strong household growth–it’s expected to rise another 2.2% this year–had kept home prices stable from 2007 through 2009. Likewise, permit activity kept at an even keel, in the 2,400 range, during the economic and housing recession.
Last year, builders lost confidence–housing permits fell 46%. This happened as unemployment rose to 10.8%. Some of the increase may have been due to formerly discouraged people renewing the search for work. Though the market is expected to add back some jobs this year, it will be another year before permit activity recovers.
The economic dip sapped housing demand and brought down median home prices by $7,000; they finished at $121,000 last year. Moody’s expects them to fall another $3,000 this year but then recover all the lost value in 2012. Incomes in Mobile, very low to begin with at $36,000, also fell last year, though Moody’s forecasts that they will rise to new highs over the next two years.
Visit our Local Markets page for Mobile to see more data and analysis.
77. New Orleans-Metairie-Kenner, LA
Market Health Indicator: 38.7
2011 Building Permit Forecast: 3,993
Percent Change in Building Permits: 79%
This could be a breakout year for the New Orleans housing market, which is still trying to recover from Hurricane Katrina. Population has been growing steadily in the Big Easy since it lost roughly 120,000 of its 496,000 households after the storm. The number of households is now back to 447,000.
Meanwhile, prices remained pretty stable, despite the out-migration. The median price of a home, $157,000, remains within $3,500 of where it was in 2007, a testament to the region’s strong cultural allure. Moody’s projects only a small decline this year.
Unemployment is very low, 7.31% last year, in part because so much of the population has left town. It may worsen this year, according to Moody’s, thanks in part to the closure of Northrop Grumman’s shipyard in New Orleans, but it will remain well below the national average. Though permit activity sank to a new low last year, 2,229, Moody’s is calling for a major reversal this year. Single-family traditionally accounts for 90% or more of permit activity in New Orleans.
Visit our Local Markets page for New Orleans to see more data and analysis.
54. New York-Northern New Jersey-Long Island, NY, NJ, PA
Market Health Indicator: 48.2
2011 Building Permit Forecast: 29,215
Percent Change in Building Permits: 61%
Big things have been happening in the Big Apple in the last year and a half. The in-town condo market recovered earlier than most markets, no doubt thanks to renewed stability on Wall Street and the financial markets. Now that prosperity appears to be spreading to the suburbs. Permit activity in Edison, N.J., rose 41% last year. Nassau-Suffolk, NY, witnessed an 11% increase.
All told, permits rose 11% in the region last year and are expected to accelerate in 2011, even as home prices fall 10%, according to Moody’s projections. New York was the fourth largest housing market in the country last year. Median home prices ($415,000 last year) are down only 12% from the peak of the housing boom. Population growth has accelerated over the last two years.
New York also has strong income growth on its side. The median income here, $70,000 last year, is expected to rise another 3.14% this year, one of the biggest increases in the country. Unemployment, already below the national average, is projected to fall to 8% this year.
Visit our Local Markets page for New York to see more data and analysis.
35. Oklahoma City, OK
Market Health Indicator: 55.9
2011 Building Permit Forecast: 5,340
Percent Change in Building Permits: 42%
Oklahoma City, the 32nd largest housing market last year, has one of the lowest unemployment rates in the country at 6.37%. The market’s low jobless rate, though, may be a double-edged sword. It will be tough for the market to register further increases this year, especially given the region’s relatively weak household growth rate of 1.28%.
Oklahoma City received a boost recently when Boeing announced plans to move two defense programs there that will produce 500 jobs. The other good news is that median income, $52,000 last year, is growing again. It is expected to increase by a hefty 3.63% this year.
While Oklahoma City is an affordable market, with a median home price of $138,000, prices declined in the last year and are expected to drop another 2% this year. To create more housing demand, themetro area of 1.24 million needs even stronger job and income growth to attract more households.
Visit our Local Markets page for Oklahoma City to see more data and analysis.
66. FL” target=”_blank”>Miami, Fl
Market Health Indicator: 43.6
2011 Building Permit Forecast: 10,786
Percent Change in Building Permits: 72%
Miami, the poster child for the overheated condo market during the housing boom, is still trying to dig out from under a collapse caused by over-zealous production and loose underwriting. More households, 172,000, received foreclosure notices here last year than any other market in the country. They remain at a highly elevated rate, 43% above 2008 levels.
For that reason, median home prices are expected to continue falling this year, 20% by Moody’s estimates. Median home prices had dropped to $202,000 last year, compared to $371,000 in 2005, when the huge number of cranes on the skyline drew comparisons to Dubai. Unemployment here is well above average at 11.74% last year.
But there are two Miamis. Those who have jobs will see a strong rise in income, one of the highest rates on the list. Prices of new attached homes actually rose last year, according to data compiled by Hanley Wood Market Intelligence, even though volume remained far off boom levels.
Miami rebounded to become the 5th largest housing market last year, with more than 8,000 building permits, a trend that’s expected to continue this year. In 2006, Miami produced more nearly 46,000 building permits.
Visit our Local Markets page for Miami to see more data and analysis.
24. Mobile, AL
Market Health Indicator: 61.7
2011 Building Permit Forecast: 1,143
Percent Change in Building Permits: -4%
On paper, Mobile has some of the best housing metrics in the country. Strong household growth–it’s expected to rise another 2.2% this year–had kept home prices stable from 2007 through 2009. Likewise, permit activity kept at an even keel, in the 2,400 range, during the economic and housing recession.
Last year, builders lost confidence–housing permits fell 46%. This happened as unemployment rose to 10.8%. Some of the increase may have been due to formerly discouraged people renewing the search for work. Though the market is expected to add back some jobs this year, it will be another year before permit activity recovers.
The economic dip sapped housing demand and brought down median home prices by $7,000; they finished at $121,000 last year. Moody’s expects them to fall another $3,000 this year but then recover all the lost value in 2012. Incomes in Mobile, very low to begin with at $36,000, also fell last year, though Moody’s forecasts that they will rise to new highs over the next two years.
Visit our Local Markets page for Mobile to see more data and analysis.
77. New Orleans-Metairie-Kenner, LA
Market Health Indicator: 38.7
2011 Building Permit Forecast: 3,993
Percent Change in Building Permits: 79%
This could be a breakout year for the New Orleans housing market, which is still trying to recover from Hurricane Katrina. Population has been growing steadily in the Big Easy since it lost roughly 120,000 of its 496,000 households after the storm. The number of households is now back to 447,000.
Meanwhile, prices remained pretty stable, despite the out-migration. The median price of a home, $157,000, remains within $3,500 of where it was in 2007, a testament to the region’s strong cultural allure. Moody’s projects only a small decline this year.
Unemployment is very low, 7.31% last year, in part because so much of the population has left town. It may worsen this year, according to Moody’s, thanks in part to the closure of Northrop Grumman’s shipyard in New Orleans, but it will remain well below the national average. Though permit activity sank to a new low last year, 2,229, Moody’s is calling for a major reversal this year. Single-family traditionally accounts for 90% or more of permit activity in New Orleans.
Visit our Local Markets page for New Orleans to see more data and analysis.
54. New York-Northern New Jersey-Long Island, NY, NJ, PA
Market Health Indicator: 48.2
2011 Building Permit Forecast: 29,215
Percent Change in Building Permits: 61%
Big things have been happening in the Big Apple in the last year and a half. The in-town condo market recovered earlier than most markets, no doubt thanks to renewed stability on Wall Street and the financial markets. Now that prosperity appears to be spreading to the suburbs. Permit activity in Edison, N.J., rose 41% last year. Nassau-Suffolk, NY, witnessed an 11% increase.
All told, permits rose 11% in the region last year and are expected to accelerate in 2011, even as home prices fall 10%, according to Moody’s projections. New York was the fourth largest housing market in the country last year. Median home prices ($415,000 last year) are down only 12% from the peak of the housing boom. Population growth has accelerated over the last two years.
New York also has strong income growth on its side. The median income here, $70,000 last year, is expected to rise another 3.14% this year, one of the biggest increases in the country. Unemployment, already below the national average, is projected to fall to 8% this year.
Visit our Local Markets page for New York to see more data and analysis.
35. Oklahoma City, OK
Market Health Indicator: 55.9
2011 Building Permit Forecast: 5,340
Percent Change in Building Permits: 42%
Oklahoma City, the 32nd largest housing market last year, has one of the lowest unemployment rates in the country at 6.37%. The market’s low jobless rate, though, may be a double-edged sword. It will be tough for the market to register further increases this year, especially given the region’s relatively weak household growth rate of 1.28%.
Oklahoma City received a boost recently when Boeing announced plans to move two defense programs there that will produce 500 jobs. The other good news is that median income, $52,000 last year, is growing again. It is expected to increase by a hefty 3.63% this year.
While Oklahoma City is an affordable market, with a median home price of $138,000, prices declined in the last year and are expected to drop another 2% this year. To create more housing demand, themetro area of 1.24 million needs even stronger job and income growth to attract more households.
Visit our Local Markets page for Oklahoma City to see more data and analysis.
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