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Net Decrease in Improving Housing Markets after Months of Gains
The number of metropolitan areas on the National Associationrnof Home Builders/First American Improving Markets Index (IMI) slipped by one inrnApril. A total of 273 cities are now onrnthe list following the addition of five new markets to the list since March andrnthe loss of six. All 50 states and thernDistrict of Columbia remain represented on the list.</p
The IMI consists of metropolitan areas that have improvedrnfrom their respective troughs in each of three areas, housing permits,rnemployment, and house prices, for six consecutive months. Improvement is measured by data from the U.S.rnCensus Bureau, Bureau of Labor Statistics, and Freddie Mac.</p
April’s downturn followed seven consecutive months ofrngains. Added to the list this month werernMacon, Georgia; Portland Maine, Rocky Mount, North Carolina; Eugene, Oregon;rnand Jackson Tennessee. Napa, California;rnBangor, Tallahassee, Brownsville, and Roanoke, Virginia were dropped from thernlist. </p
“After a strong run-up through late 2012 and earlyrn2013, the number of improving markets is holding steady at a high level,”rnsaid NAHB Chief Economist David Crowe. “We can expect to see more gradualrngains going forward as challenges related to increased demand kick in -rnincluding everything from tightened supplies of developable lots and labor to thernrising cost of building materials.”
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