More Metro Housing Markets Improve in October

The National Association of Homebuilder's (NAHB) improving market index identifies metropolitan areas showing improvement from their lows in housing permits, employment and house prices for at least six consecutive months. New markets on the October list include Santa Cruz, Calif.; Pocatello, Idaho; Abilene, Texas (pictured); and Savannah, Ga.

One-hundred and three housing markets nationwide qualified for the National Association of Home Builders/First American Improving Markets Index (IMI) in October. The IMI listed 99 improving markets in September. The 103 housing markets represent the largest number of metropolitan areas on the index since its creation one year ago. Thirty-three states and the District of Columbia are represented on the October list.

“While 11 new housing markets were designated as improving in October, 92 metros retained their spots on the IMI and just seven slipped from the list,” specified Barry Rutenberg, NAHB chairman. “This is an encouraging sign that the housing recovery is proceeding at a steady pace as firming prices and employment help spur new building activity, which in turn generates new jobs and more home sales.”

For a metropolitan area to qualify for the IMI, independent data measuring employment growth, house price appreciation and single-family housing permits must improve for at least six months before being included on the list.

To see the full list visit www.nahb.org.