U.S. News Housing Market Index ranking compares demand, supply and financial health

WASHINGTON, D.C., UNITED STATES, August 31, 2023/EINPresswire.com/ -- A recent update published by U.S. News & World Report and produced by contributor MetroIntelligence has ranked the Denver, Colorado Metropolitan Statistical Area (MSA) as the healthiest housing market in the United States, replacing previous winner Raleigh, North Carolina. However, North Carolina still finished strong, with Durham-Chapel Hill, Raleigh and Charlotte all finishing in the top five.

The ranking was compiled using the Housing Market Index for June 2023, an interactive data set acquired from EnergyLogic and still in beta testing. The index aggregates a large variety of public and private data points categorized by their impacts on housing demand, supply and financing. Index values range on a scale of 1-100 with 100 being the hottest/healthiest.

“When we looked at the data sets for June, it was pretty clear that Denver jumped to the front of the line due to one key factor: demand. With its mile-high elevation and proximity to the Rockies, it’s not surprising to see more consumers looking to maximize their lifestyle options by relocating or opting to stay in Denver,” said Patrick S. Duffy, the principal real estate economist for MetroIntelligence who analyzed the data for U.S. News.

The report also includes several other rankings, including “Markets to Watch,” “Most Resilient Markets” as well as how each MSA performed in terms of specific demand, supply and financing variables. The Markets to Watch list is led by Durham-Chapel Hill, North Carolina, which reported the largest positive rise in its Housing Market Index number between May and June of 2023. Coming in first on the Most Resilient Markets list is Greely, Colorado, with its overall index jumping 11.0 points between December 2023 and June 2023 and compares to a national rise of just 2.4 points.

The Demand HMI, which looks at data on employment, unemployment, household growth, consumer sentiment, median home sales prices and rental prices, was led by two markets in North Carolina as well as Denver.

The Supply HMI, which compiles data on housing supply, rental vacancy rates, construction costs, construction jobs, builder sentiment and architectural billings, was led by New York City, Miami and Austin.

The Financial HMI, which analyses government data on housing supply, rental vacancy rates, construction costs, construction jobs, builder sentiment from the National Association of Home Builders and architectural billings from the American Institute of Architects, was led by Minneapolis, Omaha and Richmond, Virginia.

“While the hottest and healthiest markets get the most attention, I think the index shows that there are opportunities for homebuyers in multiple markets throughout the country,” Duffy added. “It’s really up to them to decide on the trade-offs they’re willing to make in terms of economic opportunity, lifestyle, weather and other preferences.”

About MetroIntelligence:
MetroIntelligence is an economics consulting firm focused on land use, and also provides public relations and corporate communications services to clients working in homebuilding, real estate development, finance and sales. Company founder and real estate economist Patrick S. Duffy began contributing to U.S. News & World Report in 2022, focusing on economics and other trends related to the housing market as well as analyzing their newly unveiled Housing Market Index.

About the U.S. News Housing Market Index:
The U.S. News Housing Market Index leverages IBM Watson^® Natural Language Understanding – and the recently acquired Housing Tides Index from EnergyLogic – to help enable U.S. News to interpret and synthesize large volumes of housing data for easy viewing.
The computing power supporting this platform allows users to find tailored data results for different regions and time periods, allowing them to make informed decisions about housing. The index also includes a tool providing forecasts on building permits for the top 50+ U.S. markets, while a robust sentiment analysis feature interprets 500 media pieces related to housing each month. For more information on the U.S. News Housing Market Interface, visit https://realestate.usnews.com/housing-market-index/interface.

Sean McNerney
MetroIntelligence
smcnerney@metrointel.com
Visit us on social media:
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.