(Jacksonville, FL – February 3, 2012) Jacksonville’s steady employment growth and the area’s lack of new home inventory signals an upward bounce in the housing market this coming year. This according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

In the Jacksonville MSA, the number of jobs has increased by 8,300 jobs since November 2010, an increase of 1.4%. “This is higher than Florida’s job growth rate (.6%) or the U.S. rate (1.2%), but continues a relatively flat economic trajectory,” said Anthony Crocco, director of Metrostudy’s Jacksonville division. “It is likely both businesses and consumers will remain tight fisted until late this year due to the increased political rhetoric.”

613 single-family units were started in 4Q11 in the Jacksonville MSA, an increase of 19.3% compared to the 514 units in 4Q10. Single-family closings in 4Q11 totaled 688 units, 3.3% higher than 4Q10’s 666 closings. “We expect the annual rate to grow over the coming quarters as we replace last year’s weak winter/spring activity with better numbers this year,” said Crocco.

Total single-family inventory equaled 1,812 units at the end of 4Q11, 7.9 months of supply. Housing inventory decreased by 7.1% compared to last year. In 4Q11, the ratio of homes to overall inventory increased. “We believe this is a one or two quarter phenomena as builders are gearing up for spring sales,” Crocco said.

“The Jacksonville area economy is improving, having formed 8,000 jobs since November 2010. The new home market has stabilized and the area’s strong starts growth over the past few quarters should provide momentum going into this spring’s buying season. We anticipate slow but steady growth in the coming quarters.”

For information contact:
Anthony Crocco @ 407.875.9090 x820
email: acrocco@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.