The number of improving housing markets increased by one in March, according to the National Association of Home Builders/First American Improving Markets Index (IMI). Thirty-one metro areas were added and 30 markets dropped from the list, which identifies areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. New metro areas on the list in March include Orlando, Fla.; Rochester, N.Y.; Columbus, Ohio; and Austin and San Antonio, Texas. Anchorage; Iowa City; Washington, D.C.; and Jackson, Miss., all returned to the list as a result of recent revisions in their employment data.
"After five consecutive months of solid gains, the March IMI held virtually flat this month at just under 100 metros, while showing a significant amount of transition in terms of markets represented on the list," said NAHB Chief Economist David Crowe. "This is consistent with NAHB's projections for a gradual but patchy recovery in which some month-to-month softening is likely, particularly in places where the measurable gains have been very small. The bottom line is that roughly one quarter of all U.S. metropolitan areas are showing signs that their housing markets have turned the corner, which is a very positive development."
A complete list of all 99 metropolitan areas currently on the IMI, and separate breakouts of metros newly added to or dropped from the list in March, is available at www.nahb.org/imi.
