GRAND RAPIDS AREA REMAINS ONE OF THE TOP IMPROVING HOUSING
MARKETS IN THE NATION
Sable Homes president offers optimistic outlook for 2013
GRAND RAPIDS, Mich., Feb. 6, 2013 – Today the National Association of Home Builder(NAHB)/First American Improving Market Index for January was released. (http://www.nahb.org/reference_list.aspx?sectionID=2223). The IMI index tracks housing markets throughout the country that are showing signs of improving economic health. The index uses three sets of independent monthly data – employment growth, price growth and single-family housing growth to identify the top improving markets. The Grand Rapids area market continues to be on the list of top improving markets.
In the Grand Rapids market, the largest gain has been in home prices which have increased by more than 12% since Feb. 2011. The market has also had increases in the number of housing permits and employment.
“The lack of quality existing housing in the $100,000-$200,000 has created demand for new housing in this price range,” said John Bitely, president, Sable Homes. “The west Michigan housing markets are not back to pre-2007 yet, but we are going in the right direction; some markets are getting close and could be there by the end of the year. Individuals wishing to sell their existing homes are finding buyers are out there, meaning now is a good time to buy if you want to get a home at a bargain prices while interest rates are low.”
Bitely also noted, “Another trend in Michigan is that tight lending is keeping most builders from building inventory homes, but the governor recently signed a bill that is helping with costs incurred by builders for inventory homes.”
If you are interested in speaking someone about the health of the west Michigan housing market please feel free to contact me.
About Sable Homes
Combining affordability with craftsmanship, Sable Homes has been building high-quality, energy-efficient homes for West Michigan families since 1996. For more information about our communities, visit our web page, www.sablehomes.com, or follow us on Facebook.