According to the latest National Association of Home Builders/First American Improving Markets Index (IMI), the number of major housing markets that are showing ‘measurable and sustained improvement’ is at 100, down from 101 a month ago.
The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. While 83 metros held onto their previous places on the IMI and 17 new ones were added to the list, 18 metros dropped from the list, for a net loss of one.
Metros newly added to the list include Phoenix; Bowling Green, Ky.; Bend, Ore.; and Lubbock, Texas. Thirty-five states (including the District of Columbia) are represented on the list.
‘The fact that there are 100 markets in 34 states and the District of Columbia represented on the improving list illustrates that all housing markets are local, and that the national headlines often don't apply to what's happening in a specific metropolitan area,’ says NAHB Chairman Barry Rutenberg.
‘In places where employment is firming up along with demand for new homes, the main factors weighing down the housing market continue to be access to credit (for both builders and buyers) and the difficulty of obtaining accurate appraisals on new construction,’ he adds.
More details from the IMI are available HERE.