The total number of housing markets in the United States that are improving rose by five in June to a total of 263, the National Association of Home Builders has announced. That marks the fifth month in a row in which 70 percent of the nation’s metro housing markets were listed as improving, according to the NAHB/First American Improving Markets Index. NAHB chief economist David Crowe said in a news release that the number of improving markets is now more than three times what it was a year ago.
The Improving Markets Index (IMI) measures gains in housing permits, employment, and housing prices for at least six consecutive months. In June, 29 new markets were added to the list, while 24 others were dropped. Newly added metropolitan areas represented all parts of the country and included Sioux City, Iowa; Chicago; Baton Rouge, La.; and Philadelphia. A complete list of the improving markets is available at NAHB’s website.
NAHB says that builders were still being hampered by tight credit for both buyers and builders and by appraisals that “aren’t keeping up with the rising cost of construction.”
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