There are a number of areas which continue to outperform national economic and real estate averages, and as a result, the list of improving housing markets expanded this month.
This list included 103 metropolitan areas, up from 99 in September, according to the National Association of Home Builders. To be included, a local market must demonstrate six consecutive months of employment improvement, property value appreciation and increased housing permits.
"The fact that most markets are maintaining their spots on the improving list from month to month is an important indication that the recovery trend is solidifying," said NAHB chief economist David Crowe.
After the recent gain, property data indicates a total of 33 states as well as the District of Columbia are now represented on the list. However, overly-strict lending requirements are believed to be holding back a number of local housing markets from joining the ranks, Crowe added.
Although, recent improvements in the economy, such as a drop in the national unemployment rate to 7.8 percent last month, could contribute to additional housing market gains on both a local and national level in the near future.