Ann Arbor area housing market shows improvement for sixth consecutive month
The Ann Arbor area's housing market has shown improvement in housing permits, employment and house prices for six consecutive months, according to data released today by the National Association of Home Builders.
The "improving market index" identifies metropolitan areas in the U.S. that have shown improvement for at least six months, and Ann Arbor was added to the list of 41 improving housing markets this month.
“With more than a half decade of record low building activity now combined with modest employment gains, we’re seeing a shortage in the availability of quality housing choices, which has increased both new construction and renovation activity,” Maureen Sloan, CEO of the Builders and Remodelers Association of Greater Ann Arbor, said in a statement.
As of October, there had been 10 permits filed in Ann Arbor for single-family home construction in 2011, according to regional housing data compiled by the Southeast Michigan Council of Governments.
In 2010, 13 new construction permits were filed, up from nine in 2009 and eight 2008.
Robert Filka, CEO of the Michigan Association of Home Builders, said the entire state of Michigan has been showing signs of modest growth in building and remodeling in recent months.
“Michigan’s housing market began its decline long before the national housing bubble burst and we, as a state, saw our market bottom out more than a year ago,” Filka said in a statement. “Many of our communities are starting to turn the corner and this is yet another confirmation of that fact.”