Housing Market Inching Back

The National Association of Home Builders tells MHProNews the NAHB/First American Improving Markets Index (IMI) indicating positive movement in the housing industry rose four notches from last month to include 103 metropolitan markets. Measuring housing permits, employment and house prices for at least six consecutive months, the Oct. reading marks the highest number since the list was created one year ago. “While 11 new housing markets were designated as improving in October, 92 metros retained their spots on the IMI and just seven slipped from the list,” noted Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This is an encouraging sign that the housing recovery is proceeding at a steady pace as firming prices and employment help spur new building activity, which in turn generates new jobs and more home sales.” New markets added to the list include: Santa Cruz, CA; Pocatello, ID; Savannah, GA; and Abilene, TX.

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