This week, the National Association of Home Builders released its monthly Improving Markets Index (IMI) report. Great news, the housing market remained relatively unchanged from the month prior, revealing that the housing market is still headed in the right direction.
“The stability in the improving markets list this month is encouraging, with three quarters of all metros tracked by our index considered on the upswing as the housing recovery spreads to parts of every state,” said NAHB Chairman Rick Judson.
The IMI report is published monthly and identifies metropolitan areas, within the US, that have shown improvement through housing permits, job creation and employment, and housing prices for at least six consecutive months.
IMI tracks housing markets throughout the country and reports on those showing improvements in economic health. Three sets of independent month data are analyzed to compile the top improving Metropolitan Statistical Areas reporting.
David Crowe, NAHB Chief Economist points out, “After a strong run-up through late 2012 and early 2013, the number of improving markets is holding steady at a high level. We can expect to see more gradual gains going forward as challenges related to increased demand kick in—including everything from tightened supplies of developable lots and labor to the rising cost of building materials.”