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Market Watch
31 metro areas added to list of improving markets
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Market Watch
Monday, September 17, 2012
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The number of improving housing markets across the country rose to 99 in September, according to the National Association of Home Builders/First American Improving Markets Index (IMI). This is up from 80 metros that were listed as improving in August and includes representatives from 33 states.
The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Markets added to the list in September include such geographically diverse locations as Tucson, Ariz.; Jacksonville, Fla.; Springfield, Ill.; Greenville, N.C.; and Bend, Ore.
Sixty-eight metros retained their spots, 31 new metros were added and 12 dropped off the list. Those that dropped off the list include: Gadsden, Ala., Dover, Del., Hinesville, Ga., Rome, Ga., Warner Robins, Ga., Bowling Green, Ken., Springfield, Mass., Saginaw, Mich., Burlington, N.C., Goldsboro, N.C., Florence, S.C., Parkersburg, W.Va.
“More metros across the country are experiencing a sustained uptick in house prices, employment and new building activity as rising consumer confidence in local market conditions pushes more people to consider a new-home purchase,” said David Crowe, chief economist for the National Association of Homebuilders. “That said, overly tight lending conditions for builders and buyers continue to slow this process considerably.”
“Combined with recent positive reports on builder confidence, housing starts and new-home sales, the September IMI adds to the growing consensus that housing is finally moving in the right direction, which in turn is spurring more potential buyers to get off the fence,” added Kurt Pfotenhauer, vice chairman at First American Title Insurance Co.
The IMI measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas — employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau.
Here is the complete list for September, in alphabetical order by state. An asterisk notes a new entrant:
- Fayetteville, Ark.
- Jonesboro, Ark.
- Little Rock, Ark.*
- Phoenix, Ariz.
- Prescott, Ariz.
- Tucson, Ariz.*
- Yuma, Ariz.*
- Hanford, Calif.
- Sacramento, Calif.*
- Boulder, Colo.
- Fort Collins, Colo.*
- Greeley, Colo.*
- Washington, DC
- Cape Coral, Fla.
- Crestview, Fla.*
- Deltona, Fla.
- Jacksonville, Fla.*
- Lakeland, Fla.*
- Miami, Fla.
- North Port, Fla.
- Orlando, Fla.
- Palm Bay, Fla.
- Pensacola, Fla.
- Punta Gorda, Fla.*
- Sebastian, Fla.*
- Tampa, Fla.
- Ames, Iowa
- Des Moines, Iowa*
- Iowa City, Iowa
- Sioux City, Iowa*
- Boise City, Idaho
- Springfield, Ill.*
- Bloomington, Ind.
- Columbus, Ind.
- Evansville, Ind.
- Muncie, Ind.
- Terre Haute, Ind.
- Houma, La.
- Lafayette, La.*
- Monroe, La.
- Barnstable Town, Mass.*
- Bay City, Mich.
- Detroit, Mich.
- Grand Rapids, Mich.
- Jackson, Mich.*
- Monroe, Mich.
- St. Cloud, Minn.
- Columbia, Mo.
- Jefferson City, Mo.
- Joplin, Mo.
- Kansas City, Mo.
- St. Joseph, Mo.
- Jackson, Miss.
- Greenville, N.C.*
- Jacksonville, N.C.
- Bismarck, N.D.
- Fargo, N.D.
- Grand Forks, N.D.
- Lincoln, Neb.
- Vineland, N.J.
- Syracuse, N.Y.
- Utica, N.Y.*
- Canton, Ohio
- Columbus, Ohio
- Sandusky, Ohio
- Springfield, Ohio
- Lawton, Okla.*
- Tulsa, Okla.
- Bend, Ore.*
- Altoona, Pa.*
- Erie, Pa.
- Pittsburgh, Pa.
- Greenville, S.C.
- Rapid City, S.D.*
- Clarksville, Tenn.
- Cleveland, Tenn.*
- Knoxville, Tenn.
- Amarillo, Texas*
- Austin, Texas
- College Station, Texas*
- Dallas, Texas
- Houston, Texas
- Laredo, Texas
- Lubbock, Texas
- McAllen, Texas
- Midland, Texas
- Odessa, Texas
- San Angelo, Texas
- San Antonio, Texas
- Texarkana, Texas
- Victoria, Texas
- Waco, Texas*
- St. George, Utah
- Charlottesville, Va.*
- Kennewick, Wash.*
- Mount Vernon, Wash.*
- Huntington, W.Va.*
- Casper, Wyo.
- Cheyenne, Wyo.
A complete list of all 99 metropolitan areas currently on the IMI, and separate breakouts of metros newly added to or dropped from the list in September, is available at www.nahb.org/imi.
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