The housing market in 101 metro areas improved in April, according to the National Association of Home Builders/First American Improving Markets Index.
Thirty-five states (including the District of Columbia) now have at least one market on the IMI list, NAHB says. The index identifies metro areas where housing permits, employment, and house prices have risen from their respective troughs for at least six consecutive months.
New cities on the list include: Rome, Ga.; Coeur d’Alene, Idaho; Greenville, N.C.; Brownsville, Texas; St. George, Utah; and Huntington, W.Va.
“After five consecutive months of gains, the IMI recently began to plateau, with many markets holding steady and a few experiencing the ups-and-downs that are typical in a choppy recovery,” observed NAHB Chief Economist David Crowe.
“The IMI is designed to highlight markets that are showing consistent improvement, and those markets that have registered the smallest gains are more susceptible to dropping off the list due to a minor setback in prices, permits, or employment,” he explained. At the same time, “as stronger markets approach stability, it will get harder for them to keep charting improvement, which will also limit the expansion of the IMI.”