Santa Barbara added to NAHBs List of Improving Markets!

Santa Barbara, California has been included in the National Association of Home Builders’ (NSAHB) latest list of improving markets for real estate in the United States.

The NAHB/First American Improving Markets Index (IMI) measures employment growth, single-family housing growth and home price growth in selected metropolitan areas in each of the 50 states and in the District of Columbia. Areas that show the most improvement for six consecutive months are listed in the NAHB index each month. The latest index was released on May 6 and showed that the number of major U.S. housing markets that are showing sustained growth is continuing to hold relatively steady.

Over 70 percent of the metros in the list have held on to their spots for the past several months suggesting a generally brightening outlook for the U.S. housing sector, according to the NAHB. A total of 19 markets, including Chicago, Savannah, Philadelphia and Milwaukee were dropped from the list while four new markets for considered for inclusion.

Santa Barbara is among the 258 cities to be listed in the latest index. According to the NAHB, demand for new housing permits in the city increased by 37.3 percent between July of 2012 and March this year. The only other city in the NAHB list with a higher growth rate was Yuba City, CA that saw a spike in demand of nearly 50 percent. Santa Barbara home prices have risen by about 7.8 percent from the market lows of Nov. 2011 while the number of jobs in the city have grown by nearly 6 percent since 2009, the NAHB noted.

To learn more about market trends and real estate in Santa Barbara, contact Karen Spechler of Coldwell Banker Real Estate.