The NAHB added 11 metros to its list of housing markets experiencing sustained growth—a net gain of four markets from June to push the total count to 84. The Improving Markets Index (IMI) comprises markets in 32 states and the District of Columbia and reflects the continued, modest growth that experts say is characteristic of the drawn-out recovery period.
“The modest increase in the July IMI is encouraging because it indicates that individual housing markets continue to regain their footing despite some recent reports of weakening in the broader economy,” said NAHB chief economist David Crowe in a statement. “This is evidence that the housing recovery is slowly but surely taking root, one market at a time.”
The latest additions’ geographic diversity—including Prescott, Ariz.; Springfield, Mass.; St. Cloud, Minn.; and Houston, Texas—highlights pockets of improvement nationwide. The index reports on markets recording monthly growth in house permits, employment, and home prices for six consecutive months.
