Over 250 property markets in US metropolitan areas have been listed as ‘improving’ by a new report.
The National Association of Home Builders/First American Improving Markets Index (IMI) for July reveals that 255 metropolitan areas across the country have improving house markets – more than triple the number of metros that were on the list in July of 2012.
“This is the sixth straight month in which at least 70 per cent of all US metros have qualified for the Improving Markets Index,” said National Association of Home Builders (NAHB) Chairman Rick Judson. “The relative stability of the IMI is representative of the broad recovery underway, which is much more extensive than what we were looking at one year ago.”
“Despite slight ups and downs in recent IMI levels, an overwhelming majority of US metros – including those located in almost every state – remain solidly on the path to recovery even as the pace of their improvement is slowed by ongoing challenges related to the availability of credit, labour, lots and certain building materials,” added NAHB Chief Economist David Crowe. “Based on recent trends in home prices, housing permits and employment, the outlook for a continued housing expansion remains very positive for the remainder of 2013.”