The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) for March marks the second consecutive month in which every state is represented on the improving markets list by at least one metropolitan market. The IMI gauges increases in employment, housing permits, and housing prices for six consecutive months for each metro area before it can be included. The 274 areas currently on the list include the addition of net 15 metro areas since Feb., as MHProNews has learned. NAHB Chief Economist David Crowe says, “With just over 75 percent of the 361 metros covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year. While we expect this positive momentum to continue, it’s important to understand that many markets are just beginning the recovery process, and that numerous issues – from credit availability to the rising cost of building materials and emerging lot shortages – are slowing the pace of that advancement.”
