Jonathan Smote – Data expert for the Housing Industry
Last Week, Jonathon Smoke, Chief Economist of Hanley Wood (a DC based national media and data company) shared data and insights on DC and MD area housing and new construction. Hanley Wood collects data on all types of home sales and tracks new construction in the DC/MD region and the country. Jonathon shared multiple key data points about DC/MD. The DC region is one of the healthiest housing Markets in the US. (Editors note: this makes sense in that median government workers have twice the income than private sector workers in the 5th year of the recession. ) Resale houses are up and new home construction has started to rebound. Meanwhile, foreclosure activity has declined while banks sold off foreclosed homes and left little foreclosure inventory. The market has very limited supplies of homes for sale of both new construction and existing homes causing higher prices in 2013. Home prices should not go up more in 2014. Consumer confidence is strong even after the government shutdown. Life events (ie: bigger family, higher income) seem to be what is driving new home demand again, back to normal times.