Newfound hope is now in sight for the Houston housing market, helping it get back on track after its economic slump.
The National Association of Home Builders has recently issued an index reporting an increase in the confidence levels measured among U.S. homebuilders, which rose from 12 points in April to 14 in May. The numbers have been increasing slowly and steadily since February, and have reached their highest in the past eight months, marking a shift in a positive direction.
NAHB’s index reads 50 points as a stable midway point, indicating that the majority of builders still view conditions as poor, but that will soon be changing, step by step.
“This continued increase indicates that homebuilders feel we’re at or near the bottom of the market and that positive signs lie ahead for builders and potential homebuyers,” remarked NAHB chief economist David Crowe, “provided that builder access to production credit significantly improves,” he continued.
Things are starting to align for the better, with good news gaining on the bad. Builders and realtors are hoping that the trend of lower prices and historically low mortgage rates will overcome tighter lending standards, as well as an $8,000 tax credit boost for homebuyers.
It seems to be that people everywhere are starting to unlock the storm doors and step into the light again. Builders, realtors and homebuyers can all look forward a change for the better within the Houston housing market.
Source: Houston Business Journal