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While the national story is slow and steady job growth, the local story is much different. The US is a mix of rapidly accelerating and decelerating economies. The larger markets, particularly in the South, are growing faster than the smaller markets, which is particularly good for new home construction. There are other, more local factors at play as well.
The following 2 charts show 8 rapidly accelerating and decelerating economies over the last year.
While mortgage rates remain near historical lows, home prices have come back strong.Thanks to strong price appreciation, the ratio of Median Home Price / Median Household Income now exceeds historical averages (since 1981) in 20 of the top 21 housing markets.