Lately economists and investors have been debating whether the housing market has hit bottom. It’s a complicated picture on a national level, but zoom in and it’s possible to identify cities that have not only reached a bottom, but are beginning to experience a recovery.
Take San Jose, Calif. The Golden State has gotten a lot of attention for its economic woes, but San Jose is a veritable oasis of prosperity. Employment in the capital of Silicon Valley is expected to expand 3.3% this year and it logged net in-migration in 2010 of 4,840 people. Job and population growth are fueling housing demand: New home construction in the area was up a whopping 97% in 2011’s third quarter compared to the year earlier.
San Jose is one of 10 metro areas that Forbes deems ripe for a real estate rebound. The folks at Local Market Monitor, a Cary, N.C.-based real estate research firm, helped us compile this list, sorting through housing and economic data for the 100 most populous cities and their surrounding suburbs, defined as Metropolitan Statistical Areas and Metropolitan Divisions by the U.S. Office of Management and Budget. LMM assessed the change in home prices over the past 12 months and three years (on the latter, our reasoning is that markets that lost less value in the housing bust have the potential to recover faster), unemployment rates, 12-month job-growth projections, the change in population from 2006 through 2009 (the most recent data available from the U.S. Census) and new-home construction rates for the third quarter of 2011 as compared to the same quarter in 2010.
At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.
If you have a gay real estate story that you’d like to share with us, contact us at firstname.lastname@example.org