Housing markets that are on the upswing are gaining in number, rising to 84 in July, says the National Association of Home Builders/First American Improving Markets Index (IMI).
The 84 markets span 32 states and Washington, D.C., according to the data released Monday, with 11 new improving markets including Prescott, Ariz.; Springfield, Mass.; St. Cloud, Minn.; and Houston, Texas.
“The geographic diversity and growing number of metros on the latest IMI help spotlight the improvements we have begun to see in terms of home prices and job market conditions across certain parts of this country, which in turn are spurring more demand for new homes,” said NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla. “That said, our members continue to assert the need for more reasonable credit standards and more accurate appraisal methods to perpetuate this positive momentum.”
The increase is modest, but encouraging, said NAHB Chief Economist David Crowe.
“[The data] indicates that individual housing markets continue to regain their footing despite some recent reports of weakening in the broader economy,” he said. “This is evidence that the housing recovery is slowly but surely taking root, one market at a time.”
View the list of improving markets.
Written by Elizabeth Ecker