For the seventh month in a row, the National Association of Home Builders Index has reported positive improvement for metropolitan areas as identified in its monthly Home Builders/First American Improving Markets Index (IMI) listing.
This past month, Birmingham made the list as one of the 274 metros newly listed in March. The addition of the 200+ metropolitan areas creates a net gain of 15 markets across all 50 states and DC, from the month prior. In February, Birmingham metro area reported a rise 2.8% increase in residential sales and in January it experienced a 10.5% gain in new home sales. This is a 14.3% increase from new home sales in 2012.
“The Birmingham housing market has experienced a steady increase in the number of new homes under construction with decreasing inventory of finished unoccupied homes. These numbers prove that we have reached a stead recover,” said Matt Morrow, Executive Vice President of the Greater Birmingham Association of Home Builders (GBAHB).
NAHB Chief Economist David Crowe reports that “with just over 75% of the 361 metro covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year.”
This listing is published monthly by the NAHB and features metropolitan areas that have shown improvements in economic health. The IMI tracks housing markets in the country, showing improvements in economic health. The index measure three sets of monthly data, gathered independently, to get a mark on the top improving Metropolitan Statistical Areas.
For more information, visit: nahb.org/imi