Total new-home closings: 4,913
Population: 6,051,170
The good: With the bulk of new-home sales funneling into the newest subdivisions, this market proves it’s willing to buy when presented with the right options in the right areas.
The bad: The overall number of subdivisions, as well as starts and closings, are down in the first part of 2015.
The bottom line: With unemployment below the national average as of March 2015 and activity happening in new subdivisions, chances are the year will come on strong by the end.
With a housing market that remains in a lull amid numerous positive economic indicators and the greatest success among new-home sales arriving with the latest subdivisions, this area proves it’s looking for something new. And with the first quarter of 2015 posting 501 active subdivisions—80 fewer than the previous quarter—those new options may not be on the immediate horizon. Starts in the first quarter of 2015 were down by 15.8% from the previous quarter, falling 21.7% year over year. Meanwhile, closings posted a 33% quarter-to-quarter drop, equating to a 21.6% decrease year over year. Ultimately, the area manages to hold steady, but it has yet to take off. Pending additional new developments, its best days may lie ahead.
