More Housing Markets Listed as Improving in September
Photo: © Kelpfish - Dreamstime
Some metropolitan areas across the country were hit by the housing crisis harder than others. Residents in one region of the country might have seen the value of their home slashed in half, while city dwellers in another region saw their home retain its pre-crisis value. Recent news shows that when it comes to the housing market recovery, signs of improvement can be seen almost everywhere.
A Rebounding Market
The National Association of Home Builders/First American Improving Markets Index (IMI) measures the number of rebounding housing markets across the country. In September, 291 metropolitan areas made the IMI, the highest level the index has reached since its inception two years ago. Forty-four markets were added to the index since August.
A Resounding Improvement
The IMI analyzes three key indicators: It measures employment growth from the Bureau of Labor Statistics, it evaluates house price appreciation from Freddie Mac, and it assesses housing permit growth from the U.S. Census Bureau. Before a metropolitan area makes it on the index, it must mark growth in all three indicators for at least six consecutive months. Eighty percent of the 361 housing areas posted consistent growth in all three key indicators, proving that the housing recovery is no longer isolated to certain regions of the country.
A Widespread Recovery
In fact, every state is home to at least one county that is part of an improving metropolitan area. With the economic health of so many disparate regions of the country improving, every American can feel confident in their decision to purchase a home, no matter where they live.