It’s Getting Better
New index offers insight into where housing actually is improving
Sometimes, it’s just nice to hear some good news. That’s the goal of the NAHB/First American Improving Markets Index.
Introduced in early September, the IMI identifies local markets that recently have been gaining ground in the housing market. Specifically, the index reveals metro areas that have shown an improvement for at least six months in housing permits, employment and home prices.
The inaugural list of improving metropolitan areas includes:
• Alexandria, La.
• Anchorage, Alaska
• Bangor, Maine
• Bismarck, N.D.
• Casper, Wyo.
• Fairbanks, Alaska
• Fayetteville, N.C.
• Houma, La.
• Midland, Texas
• New Orleans
• Pittsburgh
• Waco, Texas
The Improving Markets Index is designed to track markets throughout the U.S. showing signs of improving economic health. It measures three sets of independent monthly data on Metropolitan Statistical Area: employment growth from the Bureau of Labor Statistics; home-price appreciation from Freddie Mac; and single-family housing permit growth from the U.S. Census Bureau. A metro area must see improvement in all three areas for at least six months being included on the improving markets list.
Going forward, the IMI will be released on the fourth business day of each month.
