The National Association of Home Builders/First American Improving Markets Index (IMI) shows 23 individual housing markets qualifying as "improving" under the new gauge's parameters. This is nearly double the 12 housing markets that made the list last month.
The index reveals metropolitan areas that have shown improvement for at least six months in housing permits, employment and housing prices.
The following metros were listed in October:
- Alexandria, LA
- Amarillo, TX
- Anchorage, AK
- Bismarck, ND
- Casper, WY
- Fairbanks, AK
- Fayetteville, NC
- Houma, LA
- Iowa City, IA
- Jonesboro, AR
- Kankakee, IL
- McAllen, TX
- Midland, TX
- New Orleans, LA
- Odessa, TX
- Pine Bluff, AR
- Pittsburgh, PA
- Sherman, TX
- Sumter, SC
- Waco, TX
- Waterloo, IA
- Wichita Falls, TX
- Winston-Salem, NC
"Both the number and geographic diversity of improving housing markets expanded this month, with Iowa, Illinois and South Carolina all newly represented by one entry or more on the list," said National Association of Home Builders (NAHB) Chairman Bob Nielsen, a home builder from Reno, Nev. "This is further evidence that, despite the tough conditions that persist in many cities, pockets of improvement are emerging in local housing markets across the country."
"While Pittsburgh and New Orleans remain the two largest improving markets, the October IMI is heavily weighted by smaller cities in which energy and agriculture are the primary economic drivers and where the effects of the recession have been less pronounced," said NAHB Chief Economist David Crowe. "In particular, Texas stands out for its seven entries on the improving markets list."
VIDEO: David Crowe discusses October's Improving Market Index (1:58 minutes)