Housing recovery crosses halfway mark: Trulia
The housing industry is 51% back to normal, according to a Trulia (TRLA) assessment of key housing statistics.
Trulia's November Housing Barometer compares three key indicators — construction starts, existing-home sales, and delinquencies combined with foreclosures — to their worst point during the housing crisis and their pre-crisis levels.
In its journey toward normalcy, some markets experienced some headwinds after Hurricane Sandy tore through the Northeast recently, lowering construction and, to a lesser extent, sales in the area.
The nation as a whole saw a 14% rise in construction starts in October and November (the months affected by Sandy), while the Northeast fell 5% in those same months. Likewise, national home sales increased by 7% in the past two months, but the Northeast only saw a 3% rise.
Year-over-year, November housing starts were up 22% nationwide. According to the Trulia barometer, housing starts are 37% of the way back to normal.
Existing-home sales hit 5.04 million in November, the highest level since the same month in 2009. Trulia said sales are 73% back to normal. Additionally, distressed sales are continuing to become a smaller and smaller portion of overall sales.
The combined delinquency and foreclosure rate dropped to 10.63%, the lowest level in four years and 41% back to normal.
Last month, the barometer revealed the housing market was 47% back to normal.