Iillustration 19276996 / Dirk Erck / Dreamstime
Illustration 60886103 / Kheng Ho To /Dreamstime
Illustration 19276996 / Dirk Erck / Dreamstime

NAHB data shows spotty recovery in housing market

July 10, 2012
The U.S. housing markets showing measurable and sustained improvement rose by four to include 84 metros in July, according to the National Association of Home Builders/First American Improving Markets Index (IMI), released earlier this week. The index ...

The U.S. housing markets showing measurable and sustained improvement rose by four to include 84 metros in July, according to the National Association of Home Builders/First American Improving Markets Index (IMI), released earlier this week. The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. This month's IMI includes 73 metros that held their positions on the list from June, as well as 11 newly added markets. Notable new entries include such geographically diverse places as Prescott, Ariz.; Springfield, Mass.; St. Cloud, Minn.; and Houston, Texas.

In a press release announcing the latest data, NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla., said, “The geographic diversity and growing number of metros on the latest IMI help spotlight the improvements we have begun to see in terms of home prices and job market conditions across certain parts of this country, which in turn are spurring more demand for new homes. That said, our members continue to assert the need for more reasonable credit standards and more accurate appraisal methods to perpetuate this positive momentum.”

“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,” NAHB Chief Economist David Crowe added in that release. “This is evidence that the housing recovery is slowly but surely taking root, one market at a time.” Details