The list of improving home markets now numbers 125, up from 103 markets a month ago. The increase marks the third consecutive month of improving markets on the rise, according to markets tracked by the National Association of Home Builders.
The “consistent improvement” is measured in three areas of strength—housing permits, employment and house prices—noted by NAHB’s First American Improving Markets Index, released Tuesday. The areas of improvement now span 38 states and Washington, D.C., marked by having those three qualities for at least six months consecutively.
“Not only did 22 additional markets qualify for the improving list in November, but the geographic distribution of included metros expanded from 33 states to 38 (plus the District of Columbia), while 97 out of 103 markets retained their spots on the list from the previous month,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla.
“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.”
Source: NAHB/First American IMI
The latest reading shows strong momentum with nearly a third of the total number of markets tracked now appearing on the improving list, NAHB and First American say.
“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 Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
View the list of improving markets.
Written by Elizabeth Ecker
