Improving Housing Markets
Take Off in November

 

Only six metropolitan areas fell from the National Association of Home Builders' index of improving housing markets in November, and the metric surged with the addition of 28 new areas, including Gainesville, Fla. (pictured). In contrast, October only added a net four markets.

The number of U.S. housing markets showing consistent improvement expanded for the third consecutive month in November to a total of 125, according to the National Association of Home Builders/First American Improving Markets Index (IMI).

The index, which added 22 markets based on three measures of economic indicators, now includes representatives from across 38 states and the District of Columbia.

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. Notable additions to the November list include San Diego, Calif.; Gainesville, Fla.; Omaha, Neb.; Louisville, Ky.; and Charlotte, N.C.

''The solid increase in the number of improving housing markets this month illustrates the degree to which the housing recovery has gained momentum since we initiated the IMI last year,'' said NAHB chief economist David Crowe. ''Compared to the 30 markets that made the list as of November 2011, we now have 125, which is about one-third of all the markets surveyed for this index.''

A complete list of all 125 metropolitan areas currently on the IMI, and separate breakouts of metros added to or dropped in November, are available at www.nahb.org/imi.