Washington, DC, June 6, 2013 -- The number of U.S. housing markets on the mend rose by five to a total of 263 in June, according to the National Association of Home Builders/First American Improving Markets Index.
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.
Twenty-nine new markets were added to the list while 24 others were dropped from it this month.
“This is the fifth consecutive month in which the IMI has designated more than 70 percent of U.S. metros as improving,” said NAHB Chairman Rick Judson.
“While that’s a good sign that the housing recovery is on solid footing, we know that various challenges are slowing its progress – including continuing issues with credit availability for builders and buyers, as well as appraisals that aren’t keeping up with the rising cost of construction.”
The number of improving markets is now more than three times what it was in June 2012, NAHB said.