The housing recovery hasn’t been a one-size-fits-all proposition. In Northern California, affordability remains a constant hurdle, while Tampa, Fla., and Las Vegas are clawing their way back after dramatic losses during the recession. In Dallas and South Florida, the markets are so strong that builders are being forced to come up with creative ways to manufacture lots. Raleigh, N.C., is also experiencing shirking supply but has recovered all of the jobs lost during the recession. And in Houston, buoyed by the strong energy sector, home prices have risen 17%. These were just some of the observations that came out from Metrostudy’s regional directors at Hanley Wood’s Housing Leadership Summit in Dana Point, Calif., in May. Check out the videos from the discussion below.
What's happening in Vegas? Greg Gross, Metrostudy regional director for Northern California and Nevada, explains the steady return to a new normal for a Sin City, a housing crash epicenter, and Nor Cal's affordability struggle in his market overview at the 2014 Housing Leadership Summit.
"Houston is full of superlatives," says Metrostudy regional director David Jarvis in his market overview at the 2014 Housing Leadership Summit. The market stayed strong during the recession thanks to the energy umbrella, but Jarvis cautions that there is now a transition in job growth and the 17% price appreciation in the market in unsustainable.
Metrostudy's David Brown has been watching the housing market in Dallas for 30 years and has never seen supply constrained the way it is now. In his market overview from the Housing Leadership Summit, Browns highlights that price in some sub-markets is back to normal up 25% in others with low lot supply and job growth pushing development farther north from Fort Worth.
Thinking of retiring to Florida? According to Metrostudy's Tony Polito, fewer baby boomers are Florida-bound, which will impact coastal markets in the coming years. In his market overview, Polito explains that although Sarasota has stayed strong with significant migration from the New York Metro Area, Tampa remains one of the toughest markets with numbers down and prices up.
Builders in Broward County are getting creative by converting old golf courses into lots to meet constrained supply, explains Metrostudy's David Cobb in his market overview at the 2014 Housing Leadership Summit. The five diverse submarkets and eight counties that make up South Florida are seeing concentrated housing starts, affordable home building on the Treasure Coast, and steady growth in the region.
Raleigh is catching up to its pre-crash norms with just 25% of lot supply meeting housing demand this year. In this market overview from the 2014 Housing Leadership Summit, Metrostudy's Jay Colvin explains that although this North Carolina market felt a similar downturn to the rest of the county with 65-70% decrease in volume, it has regained all jobs lost since the recession.