National Housing Market Outlook

Happy Thanksgiving

November 26, 2014

As 2014 draws to a close, we can all be thankful for the national economy’s steady improvement. Over the last year, the nation has:

  • Added 2.8 million jobs
  • Grown GDP by 2.3% (average 3 quarters)
  • And, lowered the unemployment rate to 5.8%

The national real estate market has benefitted from this economic improvement as well:

  • Home prices increased 5.4% YOY
  • Single-family completions are up 11% YOY
  • And, vacant homes for sale decreased 8% YOY

While the national economy and real estate market can be thankful for expansion over the last year, several markets are more thankful than others:

  • “The San Jose market heads into the holidays still going strong. San Jose builders can be thankful for great job growth, limited inventory, solid appreciation, and highly desirable living environments. San Jose buyers can be thankful if they can find a new roof to put over their heads.” – Dean Wehrli
  • “In Atlanta, this Thanksgiving we are thankful for continued strong new home demand that has been fueled by strong economic fundamentals including population and employment growth, particularly in the high-wage sectors that support new home demand at move-up and upscale family price points. Excellent affordability and a general under-supply in the new home market continue to stoke demand.” – David Kalosis
  • Houston is thankful for strong job growth over the last couple of years. Since January 1, 2012, Houston has added 315,900 jobs, of which 119,400 were in the past 12 months. Unemployment is 4.9%, the lowest rate since 2008. With WTI crude oil prices hovering around $76/bbl, Houston is also thankful that its economy is much more diverse than thirty years ago.” – Paige Shipp
  • Seattle is thankful for stellar employment growth, high incomes, and strong demand for infill land in King County. The market is also thankful for affordable housing outlets in the suburbs… And coffee.” –Ken Perlman
  • “The Florida markets are thankful for warm weather, low cost of living, and no state income tax which continues to attract retiree homebuyers to the Sunshine State.” – Lesley Deutch


From everyone here at John Burns Real Estate Consulting, we wish you a happy and safe Thanksgiving.

Building Market Intelligence™

Every week, we deliver analysis to over 40,000 subscribers with our Building Market Intelligence™ newsletter. Subscribe to our weekly BMI newsletters to stay current on pressing topics in the housing industry.

About The Author

Contact Us

If you have any questions about our services or if you would like to speak to one of our experts about we can help your business, please contact Client Relations at

Products and Services Mentioned

green check icon

Research Membership

Our research services enable our clients to gauge housing market conditions and better align their business and strategic investments in the housing industry. We provide a thoughtful and unique holistic approach of both quantitative and qualitative analysis to help clients make informed housing investment decisions.
green check icon

Metro and Regional Housing Package

An overview of major housing and economic trends, as well as forecasts across 100 MSAs nationwide. The information in this subscription package provides a complete picture of housing supply, demand, and affordability through local insight, proprietary surveys, and extensive data analysis.
green check icon

Real Estate Consulting

Our experienced team of consultants helps clients make sound housing investment decisions. We thrive on their success and work with many clients over multiple years and numerous projects.

Latest Insights

NHTI Industry Pulse: $40K for a Gym Membership?
Dear Consultant: Can people still afford homes with high rates and increased inflation, or are they more likely to rent? 
Hillwood Communities and the Art and Science of Placemaking