Number of Improving Housing Markets Keeps Growing
More metros were added to this month’s Improving Housing Market list, allowing the index to grow in January to 242 metros out of 361 nationwide.
The National Association of Home Builders/First American Improving Market Index identifies areas that have shown growth in housing permits, employment, and home prices for at least six consecutive months. The index was created in September 2011.
Forty-seven new metros were added to January’s list, including areas like Los Angeles; Auburn, Ala.; Des Moines; Nashville; Richmond, Va.; and Cleveland.
“The IMI has almost doubled in the past two months as stronger demand during prime home buying season boosted prices across a broader number of metropolitan areas,” says NAHB Chief Economist David Crowe. “Similar home price gains, and hence the IMI, may be tempered in the future as we see data from typically slower months for home sales.”