The National Association of Home Builders' (NAHB) list of improving housing markets rose from 99 in September to 103 in October, evidence that the housing recovery is proceeding at a steady pace, according to a release from the association.
The Improving Markets Index (IMI) for October is the largest it has been since it was created one year ago. A total of 33 states and Washington, D.C., are on the October list. 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. Among the markets added to the list in October are Santa Cruz, Calif.; Pocatello, Idaho; Abilene, Texas; and Savannah, Ga.
Firming housing prices and an improving employment outlook are helping spur new home building activity, in turn driving more employment and home sales, said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla.
"The fact that most markets are maintaining their spots on the improving list from month to month is an important indication that the recovery trend is solidifying," said NAHB Chief Economist David Crowe. "At the same time, overly tight credit conditions are certainly constraining consumers' ability to purchase homes as well as builders' ability to construct them."
The full list of markets included in this month's list can be viewed here.
