The number of improving U.S. housing markets increased by 4 metro areas to 84 in July, according to the National Association of Home Builders/First American Improving Markets Index (IMI). There are metro areas from 32 states and the District of Columbia on this month's list.
There were 73 metro areas that stayed on the list since June and 11 newly added markets; seven markets dropped off the list. Some of the new entries were Prescott, Ariz.; Springfield, Mass.; St. Cloud, Minn.; and Houston, Texas.
"The modest increase in the July IMI is encouraging because it indicates that individual housing markets continue to regain their footing despite some recent reports of weakening in the broader economy," added NAHB Chief Economist David Crowe. "This is evidence that the housing recovery is slowly but surely taking root, one market at a time."
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. It identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. A complete list and breakouts of metros newly added to or dropped from the list in July is available at www.nahb.org/imi.
