255 Metros Listed as Improving Housing Markets in JulyJuly 9th, 2013 | Category: Industry News
A total of 255 metropolitan areas across 49 states and the District of Columbia qualified to be listed on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) for July, released yesterday. This is down slightly from the 263 metros that made the list in June, but is more than triple the number of metros that were on it in July of 2012.
The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Six new markets were added to the list and 14 were dropped from it in July. Newcomers include the geographically diverse metros of Cumberland, Md.; Saginaw, Mich.; Farmington and Las Cruces, N.M.; Kingston, N.Y.; and Olympia, Wash.
“Despite slight ups and downs in recent IMI levels, an overwhelming majority of U.S. metros — including those located in almost every state — remain solidly on the path to recovery even as the pace of their improvement is slowed by ongoing challenges related to the availability of credit, labor, lots and certain building materials,” said NAHB chief economist David Crowe. “Based on recent trends in home prices, housing permits and employment, the outlook for a continued housing expansion remains very positive for the remainder of 2013.”