The National Association of Home Builders' (NAHB) list of improving housing markets rose from 103 to 125 in November, evidence that the housing recovery is gaining momentum, according to the association.
The Improving Markets Index (IMI) for November marked the third consecutive monthly gain for the index, which now includes representatives from across 38 states as well as Washington, D.C. The index identifies metropolitan areas that have shown improvement in housing permits, employment and house prices for at least six consecutive months. Markets added to the list in November included San Diego, Calif.; Gainesville, Fla.; Omaha, Neb.; Louisville, Ky.; and Charlotte, N.C.
"This shows that a housing recovery is firmly taking root and helping generate needed jobs and economic growth across much of the country-though we know that this expansion could be even stronger were it not for ongoing challenges including overly tight lending conditions and difficult appraisals," said Barry Rutenberg, chairman of the NAHB and a home builder from Gainesville, Fla.
"The solid increase in the number of improving housing markets this month illustrates the degree to which the housing recovery has gained momentum since we initiated the IMI last year," said NAHB Chief Economist David Crowe. "Compared to the 30 markets that made the list as of November 2011, we now have 125, which is about one-third of all the markets surveyed for this index."
