The number of U.S. housing markets showing improvement fell from 273 in April to 258 in May, losing 19 metropolitan areas and gaining four, according to the National Association of Homebuilders/First American Improving Markets Index (IMI). Over 70 percent of the U.S. metros retained their spots on the list, and the list still includes entrants from all 50 states and the District of Columbia.
In order to make the list, a metropolitan area has to show improvement in housing permits, employment and house prices for at least six consecutive months.
"While seasonal trends in home prices resulted in an overall decline in the IMI this month, the index remains at a very strong level and continues to represent markets in every state," noted NAHB Chief Economist David Crowe. "Some metropolitan areas that had previously charted marginal home-price gains dropped off the list this time as a result of typically softer prices seen in the winter months, which is similar to what the index showed in this same period last year."
The full list of improving metros is available here.
