Positive News For Jacksonville, Florida Property
The Jacksonville housing market in northeast Florida has been ranked #4 of the “Top 20 Healthiest Housing Markets” in the USA.
According to Building Magazine: "Seeing a Florida market so high on our list of healthy markets may be a surprise to some. But Jacksonville’s strong employment base has helped it come back before many of the services-dependent housing markets to the south.
A strong military presence has always anchored the economy. But a growing financial services sector has added employment in recent years. Employment is expected to rise 3.2 percent next year. Median income is projected to rise 3.3 percent."
"Thanks to job growth and a diminished supply of foreclosures, home prices have stabilized; they are slated to rise nearly 5 percent next year. It helps matters thatDuval County, home to Jacksonville, has the highest average annual wages in Florida, according to the U.S. Bureau of Economic Analysis. In 2009, wages stood at $58,505."
Builders and developers must sense the market for buying property in Florida is poised to recover. They have pulled 28 percent more permits through the first half of this year than last. Moody’s expects that growth to accelerate in 2012, with permit activity nearly doubling. Roughly 70 percent of the action is in single-family housing.
Note: Builder magazine´s “Markets Index,” uses data is weighted by Hanley Wood Market Intelligence. The forward-looking projections are based on what drives housing and they take a look at jobs, income growth, price appreciation and population growth
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