Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

List of improving housing markets has temporary hiccup

Although the number of markets that are considered to be improving fell 3.0 percent for the month, NAHB data supports that the dip is likely only a temporary hiccup.

housing

improving housing markets

Improving housing markets list shifts slightly

According to the National Association of Home Builders/First American Improving Markets Index (IMI) for July, 255 metropolitan areas qualified as improving housing markets, representing all 50 states. Compared to June’s 263 metro areas listed, the 3.0 percent drop for the month is likely to be only a temporary hiccup, as the number of metros featured on the list is now triple the number from July 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.

“This is the sixth straight month in which at least 70 percent of all U.S. metros have qualified for the Improving Markets Index,” observed NAHB Chairman Rick Judson. “The relative stability of the IMI is representative of the broad recovery underway, which is much more extensive than what we were looking at one year ago.”

Solidly on the path to recovery

“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,” added 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.”

Advertisement. Scroll to continue reading.

“The fact that more than two-thirds of all U.S. housing markets continue to be represented on the improving list should be a boon to consumer confidence at a time when many are looking to take advantage of today’s very favorable mortgage rates,” observed Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business News

(FINANCE) An anti-trust lawsuit against major players in the residential real estate industry sheds light on misinformation and misunderstandings about commissions - when you're...

Business Marketing

(MARKETING) Opcity is the Austin startup making big changes to the ways that lead generation happens in real estate.

Economic News

(BUSINESS NEWS) Ben Carson's initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now?

Business News

(REAL ESTATE NEWS) NAR CEO Dale Stinton is set to retire after his successor is named. Stinton is known for his steady leadership and...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.