NAHB reports more housing markets improving
The number of housing markets that qualified for the improving list in November was 22, totaling 125, reports the National Association of Home Builders/First American Improving Markets Index.
Housing permits, employment and housing prices in the respected metropolitan areas measure improvement.
Last year, 30 markets made the list, compare to the 125 this year, indicating one-third of all markets surveyed for the index. This is a clear indication of the improving housing industry.
"This new high point for the Improving Markets Index provides the latest evidence that housing has turned a corner due to rising demand from consumers who are increasingly confident about the direction of local home values," said vice chairman Kurt Pfotenhauer of First American Title Insurance Company.
Charlotte, N.C., Gainesville, Fla., Louisville, Ky., Omaha, Neb., and San Diego, Calif. were some of the markets added to the list, showing the housing market is improving in diverse locations.
The various metros expanded from 33 states to 38, including the District of Columbia.
Also, 97 out of the 103 markets retained spots on the list from September.
"This shows that a housing recovery is firmly taking root and helping generate needed jobs and economic growth across much of the country -- though we know that this expansion could be even stronger were it not for ongoing challenges including overly tight lending conditions and difficult appraisals," said chairman Barry Rutenberg of NAHB.