The National Association of Home Builders’ Improving Markets Index was released this week, showing that over 100 local real estate markets in the United States are beginning to shrug off the housing blues.
The monthly barometer of localized housing market health expanded to 101 in April, up by two from March’s ninety-nine. Thirty-five states now have localities on the list, and ten states (Colorado, Florida, Iowa, Indiana, Michigan, Missouri, North Carolina, New York, Pennsylvania, and Texas) have four or more markets on the list. Texas tops those states with 12 improving markets, including the metropolitan areas of San Antonio and Dallas.
Of the 101 improving markets, the National Association of Home Builders (NAHB) noted that 88 remain on the list from the prior month, hinting at increasing stability. While 11 metro areas did fall off of the list from March, 13 new ones were added. Experts and industry officials see the positivity as a good sign for the spring homebuying season, which is well underway in many states throughout the country.
The Improving Markets Index (IMI) tracks three defining characteristics in order to determine the health of the local housing market: employment growth, house price appreciation, and issued housing permits. All markets must show growth in all three categories for at least six months before being added to the IMI list.
A complete list of all markets on the IMI can be found on the NAHB website.