For August a total of 247 metropolitan areas were included on the National Association of Home Builders/First American Improving Markets Index (IMI). This is below the 255 metros listed in July, but still three times as high as the number from August 2012.
The IMI is a list of cities that have shown improvement in terms of housing permits, employment and house prices for at least six consecutive months.
"While the number of improving housing markets this August remains well ahead of the same month last year, the index is affected by seasonal softening in home prices just as we saw happen in 2012. The metros that fell off the list this month originally qualified with very small home price improvements that have since slipped back," explained NAHB Chief Economist David Crowe in a statement. "As house prices return to more normal levels in fully recovered markets, further IMI advancements will be more modest."
The full list of improving markets is available at nahb.org/imi.
