Number of Improving Housing Markets Surges to 201 in DecemberDecember 6th, 2012 | Category: Industry News
The number of housing markets considered “improving,” based on parameters established by the National Association of Home Builders/First American Improving Markets Index (IMI) surged by 76 to a total of 201 metros in December, according to IMI data released today. The index also shows that the number of states represented on the list by at least one metro increased from 38 in November to 44 (plus the District of Columbia) in December.
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. A total of 84 new metros were added to the list and eight were dropped from it this month.
Newly added metros include geographically diverse locations as Atlanta, Ga.; Bloomington, Ill.; Ann Arbor, Mich.; Seattle, Wash.; and Green Bay, Wis.
“This fourth consecutive month of expansion in the IMI, coupled with the fact that well over half of all metro areas are now represented on the list, is in keeping with the upward trends that we’ve been seeing all year in terms of housing starts and sales, builder confidence and other measures,” says NAHB chief economist David Crowe. “In general, we expect the overall housing recovery to continue expanding in 2013. However, that is absent a major policy change of the kind that some policymakers have been discussing with regard to the mortgage interest deduction.”
A complete list of all 201 metropolitan areas currently on the IMI is available on the NAHB website.