Improving Markets Index Falls
The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) states the number of metropolitan areas displaying sustained and measurable improvement for at least six straight months fell from 100 in May to 80 this month. Of the 100, 52 remain on the list, and the 28 added include Knoxville, TN, Dallas, Fargo, ND, Tuscaloosa, AL, and Grand Junction, CO. 31 states are still represented on the IMI. Kurt Pfotenhauer of First American Title Insurance Co. says, “The volatility of this index mirrors the uncertain economic conditions in some of our nation’s individual markets. The fact remains, however, that real estate fundamentals are still improving in many areas across the country.” MHProNews.com has learned some of the metro areas removed from the list had made marginal gains that were readily wiped out by minor downward shifts. The index is based upon uptick in employment, house price appreciation, and single-family housing permit growth.
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