The National Association of Home Builders (NAHB) is replacing its Improving Markets Index (IMI) with the Leading Markets Index, shifting the focus from improving markets to those that are exceeding their normal levels of housing market progress. The new index will measure the same three components—single-family building permits, home prices and employment—and compare those numbers to when those values were sustainable. For home prices and permits, that was 2002-2003. For employment the year is 2007, before the Great Recession hit. As MHProNews has learned, individual markets will be compared to others, and all 350+ metropolitan markets will be rated.
(Photo credit: Fotosearch–house under construction)