Housing bulls got another reason to sharpen their horns today as the National Associational of Home Builders added 29 metros to its list of housing markets showing improvementThe index identifies metropolitan areas that are showing signs of improving economic health. Specifically, they have shown at least six consecutive months of improvement from their respective troughs in housing permits, employment and house prices.
The latest additions include Miami, Detroit, Kansas City, Portland, Memphis and Salt Lake City. There are now 98 cities on the list, and 36 states have at least one city on the list. The list has been growing for six months straight.
“While many of the markets on the February IMI are far from fully recovered, the index points out where employment, home prices and housing production are no longer retreating and have held above their lowest recession troughs for six months or more,” said NAHB Chief Economist David Crowe. “This is a sign that a large cross section of the country is starting to turn the corner as local economic conditions stabilise.”