The list of U.S. housing markets showing measurable and sustained improvement includes 80 metro areas for June, a drop from 100 markets that were on the list in May, according to the National Association of Home Builders/First American Improving Markets Index (IMI). The June list demonstrated considerable change, with 52 metro areas holding on to their spots from May, 48 areas dropping from the list and 28 areas added. Among the new entrants in June were Tuscaloosa, Ala.; Grand Junction, Colo.; Fargo, N.D.; Knoxville, Tenn.; and Dallas.
"The shifting of some markets off the IMI in June underscores the fragile nature of the housing recovery as well as the fact that many locations that previously made the list had recorded only marginal house price gains, which were easily wiped out by small downward changes," said NAHB Chief Economist David Crowe. "However, the fact that multiple new areas are showing up on the list each month is encouraging, and highlights the degree to which local economic and job market conditions are what drive individual housing markets."
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. The complete June list and more IMI information is available at www.nahb.org/imi.
