According to the National Association of Home Builders/First American Improving Markets Index (IMI) released last week, the number of improving metro housing markets across the U.S. increased to 99 in September, which is up from the 80 metro areas that were previously listed as improving in August and includes representatives from 33 states as well as the District of Columbia.
The IMI identifies metros that have shown improvements in their respective markets in regards to housing permits, house prices, and employment for at least 6 consecutive months. Since last month, 68 metros have retained their spots on the list, the number of improving housing markets has grown by 19, and 31 new metros have been added while only 12 dropped off of the list.
Chairman of the National Association of Home Builders (NAHB), Barry Rutenberg, commented on the recent report saying, “This solid growth is an encouraging sign that housing continues on a slow but steady recovery path that is gradually advancing from one local market to the next.” NAHB Chief Economist, David Crowe, observed that more metro areas across the nation have been seeing a continuous uptick in home prices, along with job growth and new building activity, not to mention a rise in both builder and consumer confidence, “…rising consumer confidence in local market conditions pushes more people to consider a new-home purchase,” noted Crowe.
The Birmingham real estate market showed improvement during the month of August, having a rebound in home sales as well as an increase in home prices. Housing market statistics from last month indicate that there is a higher demand for homes in Birmingham, and the rise in home sales shows that there is a greater number of buyers who are choosing to buy new homes for sale before prices and mortgage rates rise any further. Both consumer and builder confidence is up, which is welcomed news for the local real estate market.