The number of housing markets showing measurable improvement reached nearly 100 in February with the addition of 29 new metro areas to the National Association of Home Builders Improving Markets Index (IMI), released today. Last month, month, the IMI added 40 markets.
The current IMI list can be downloaded here.
Notable new entrants to list in February include Miami, Fla; Boston; Detroit; Kansas City, Mo.; Portland, Ore.; Memphis, Tenn.; and Salt Lake City.
"The number of improving housing markets has risen for six consecutive months, and 36 states now have at least one metropolitan area on the list," said NAHB Chairman Bob Nielsen. "This indicates that despite the many challenges that continue to drag on a housing recovery-including the tight lending environment for builders and buyers-improving conditions are slowly but surely spreading from one housing market to the next."
Seven markets dropped from the IMI in February due to softening house prices, including San Jose, Calif.; Washington, D.C.; Kankakee, Ill.; New Orleans; Worcester, Mass.; Jackson, Miss.; and Sherman, Texas.
The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months.
