The list of improving U.S. housing markets added a net of 15 markets to the National Association of Home Builders/First American Improving Markets Index (IMI) since February. The March list includes markets from all 50 states and the District of Colombia for the second month in a row.
The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Notable additions this month include Birmingham, Ala.; Santa Barbara, Calif.; Colorado Springs, Colo.; and Bloomington, Ind.
"With just over 75 percent of the 361 metros covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year," said NAHB Chief Economist David Crowe. "While we expect this positive momentum to continue, it's important to understand that many markets are just beginning the recovery process, and that numerous issues-from credit availability to the rising cost of building materials and emerging lot shortages-are slowing the pace of that advancement."
The NAHB press release and the full list of improving housing markets are available here.
