As the job market continues to improve, the need for more properties follows suit. According to a National Association of Realtors Metropolitan Median Area Prices and Affordability and Housing Affordability Index, homebuilding of all housing types was under-performing in about two-thirds of the 146 metros measured in the second quarter of 2016.
- Throughout the nation, two-thirds of the 146 metros measured in the second quarter of 2016 saw homebuilding lacking behind employment growth.
- The first two cities reported by NAR with the biggest gap between employment growth and single-family housing permits were in California: San Jose and the Bay Area.
- In Houston, the three-year change in employment to the total permit ratio was 1.9, with 158,364 new total permits.