Improving Housing Markets List Ticks Higher
Washington, DC, Oct. 5, 2012 -- A total of 103 housing markets in the U.S. qualified to be listed on the National Association of Home Builders/First American Improving Markets Index, according to the National Association of Home Builders.
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This is up from 99 markets listed as improving in September and is the largest number of metros on the index since it was created one year ago.
A total of 33 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,” noted Barry Rutenberg, chairman of the National Association of Home Builders
“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.”
“The fact that most markets are maintaining their spots on the improving list from month to month is an important indication that the recovery trend is solidifying,” agreed NAHB Chief Economist David Crowe.
“At the same time, overly tight credit conditions are certainly constraining consumers’ ability to purchase homes as well as builders’ ability to construct them.”