The number of improving housing markets grew for a sixth consecutive month in February, reaching 259 metropolitan areas that represent all 50 states, according to the National Association of Home Builders/First American Improving Markets Index (IMI). This was an increase from 242 markets listed January.
A total of 20 new markets were added to the list in February, while three left the list. Among the new metro areas making the list were Rome, Ga.; Fort Wayne, Ind.; Myrtle Beach, S.C.; Albuquerque, N.M.; and Racine, Wis.
"Just over 70 percent of the 361 metros covered by the IMI are listed as improving this month," said NAHB Chief Economist David Crowe in a release. "That's a far cry from when we initiated this index with just 12 improving metros in September of 2011 for the purpose of highlighting places that didn't fit the mold of the national headlines."
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The three indicators analyzed are: employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau. More information on the IMI can be found here.
