More Cities Join the List of Improving Housing MarketsFebruary 7th, 2012 | Category: Industry News
The list of housing markets showing measurable improvement expanded by 29 metro areas in February to include a total of 98 entries on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI). Thirty-six states are now represented by at least one market on the list.
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. The February index adds some metropolitan areas that have been particularly weak; this is due to the fact that the IMI measures improvement from a bottom, and some of the hardest hit markets are showing signs of coming off of extreme lows, according to information from the NAHB. New entrants include Miami, Fla.; Boston, Mass.; Detroit, Mich.; Kansas City, Mo.; Portland, Ore.; Memphis, Tenn.; and Salt Lake City, Utah.
“While many of the markets on the February IMI are far from fully recovered, the index points out where employment, home prices and housing production are no longer retreating and have held above their lowest recession troughs for six months or more,” says NAHB chief economist David Crowe. “This is a sign that a large cross section of the country is starting to turn the corner as local economic conditions stabilize.”
Seven markets dropped from the NAHB/First American Improving Markets Index in February as they experienced softening house prices. These markets include San Jose, Calif.; Washington, D.C.; Kankakee, Ill.; New Orleans, La.; Worcester, Mass.; Jackson, Miss.; and Sherman, Texas.
A complete list is available on the NAHB website.