Eighty metropolitan home markets are showing improvement in August, according to a National Association of Home Builders report released Monday. The metro areas span 32 states and Washington D.C. and count five new markets in addition to 75 markets that have previously shown improvement based on the monthly indicator tracked by NAHB.
The five new additions to the list include Miami and Palm Bay, Florida; Hinesville, Georgia; Terre Haute, Indiana and Lubbock, Texas. Nine areas fell from the list due to slight movements in home prices, the association said.
“The list of improving housing markets in August includes metros across every region of the country, all of which have distinctly different characteristics in terms of their economic and employment bases as well as other factors,” said Barry Rutenberg, NAHB chairman and a home builder from Gainesville, Fla. “One thing that most markets have in common, however, is the tight lending environment for both builders and buyers that continues to drag on their positive momentum.”
While the monthly indicator falls off slightly from the previous month, it may still be a sign that home purchases should be stronger going forward.
“With nearly one quarter of all U.S. metros currently designated as improving housing markets, there is growing recognition among consumers that now is an opportune time to consider a home purchase,” said Kurt Pfotenhauer, vice chairman at First American Title Insurance Company.
Written by Elizabeth Ecker