NAHB: Real estate markets getting better
The American housing market continues to improve, based on the latest numbers from the National Association of Home Builders.
Its July Improving Markets Index, which is compiled with the help of First American Title Co., lists 84 metropolitan areas where prices, employment levels and building permits are trending higher. Markets added to the list this month include Prescott, Ariz.; Springfield, Mass.; St. Cloud, Minn.; and Houston.
"The modest increase in the July IMI is encouraging because it indicates that individual housing markets continue to regain their footing despite some recent reports of weakening in the broader economy," said NAHB Chief Economist David Crowe. "This is evidence that the housing recovery is slowly but surely taking root, one market at a time."
Despite the positive signs, the housing market still needs some help, said Barry Rutenberg, NAHB chairman and a home builder from Gainesville, Fla.
"The geographic diversity and growing number of metros on the latest IMI help spotlight the improvements we have begun to see in terms of home prices and job market conditions across certain parts of this country, which in turn are spurring more demand for new homes Rutenberg said.”That said, our members continue to assert the need for more reasonable credit standards and more accurate appraisal methods to perpetuate this positive momentum."