More Than 100 Housing Markets Improve in OctoberOctober 4th, 2012 | Category: Industry News
A total of 103 housing markets qualified to be listed on the National Association of Home Builders (NAHB) First American Improving Markets Index (IMI) for October, released today. This is up from 99 markets listed as improving in September and is the largest number of metros on the IMI since it was created one year ago. A total of 33 states and the District of Columbia are represented on the October 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. Markets added to the list in October include such diverse locations as Santa Cruz, Calif.; Pocatello, Idaho; Abilene, Texas; and Savanna, Ga.
“The fact that most markets are maintaining their spots on the improving list from month to month is an important indication that the recovery trend is solidifying,” says NAHB chief economist David Crowe. “At the same time, overly tight credit conditions are certainly constraining consumers’ ability to purchase homes as well as builders’ ability to construct them.”
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health.