The Greenville Metropolitan Statistical Area (MSA), which covers Greenville, Pickens, and Laurens counties, is the latest market to join NAHB’s Improving Markets Index. The index identifies markets that are improving based on three measures: 1) rising housing prices, 2) rising building activity, and 3) rising job creation.
NAHB featured Greenville last week on its blog, Eye on Housing. Featured in the report were comments from HBA of Greenville President Elect Rick Quinn and Director Matt Vaughn. Vaughn made note of a key issue that may impact home building as the housing market improves: “What’s scary is that unless there is some quick large-scale development I’m afraid we will run out of finished lots by the end of 2013.”
Note that the last factor causing Greenville to join the Improving Markets Index was house prices. Housing prices in Greenville, while relatively stable, were not improving sufficiently until now to put our market on the list. Now that demand is catching up and surpassing supply, housing prices have been steadily rising in the Greenville area for the last six months.