According to the National Association of Home Builders (NAHB), the so-called Improving Markets Index has grown to include 259 metropolitan areas nationwide.
To be deemed “improving”, a U.S. city must show broad-based job growth, housing growth, and a rise in median home prices. The index has increased more than 10-fold since October 2011, the month largely thought to represent the housing market bottom.
72% Of U.S. Cities Now “Improving”
The Improving Market Index is a monthly metric from the NAHB.
In order to qualify, a given metropolitan area must show six consecutive months of improvement with respect to real estate, as measured by home price information from Freddie Mac; with respect to employment data, as measured by data from the Bureau of Labor Statistics; and, with respect to new housing construction, as measured by data from the Census Bureau.
In February, 20 cities were added to the Improving Market Index, from all across the country.
Rockford, Illinois and South Bend, Indiana were added; as were New York City, New York, Racine, Wisconsin and Huntsville, Alabama. Even California and New Mexico added cities to the index, with Chico and Albuquerque making the list.
All 50 states now have at least one major city on the Improving Market Index. Washington, D.C. is included as well.