Improving Markets List Includes 247 Metros in AugustAugust 12th, 2013 by Editor
A total of 247 metropolitan areas across 49 states and the District of Columbia qualified for inclusion on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) for August. While this is eight metros shy of the number listed on the IMI in July, it is approximately three times the number of metros that qualified for the list in August of 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. Three new markets were added to the list and 11 dropped from it in August. Newly added metros this month include Kankakee, Ill., along with Atlantic City and Ocean City, N.J.
“While the number of improving housing markets this August remains well ahead of the same month last year, the index is affected by seasonal softening in home prices just as we saw happen in 2012,” says NAHB chief economist David Crowe. “The metros that fell off the list this month originally qualified with very small home price improvements that have since slipped back. As house prices return to more normal levels in fully recovered markets, further IMI advancements will be more modest.”
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health.