Real estate agents may find their schedules filling up, as good news on the housing market front is reported in an increased number of regions.
The National Association of Home Builders/First American Improving Markets Index showed more than 70 percent of metropolitan areas as improved for the fifth straight month, in terms of real estate property records and other economic indicators.
The number of housing markets that showed signs of improvement increased by roughly 2 percent to land at 263 in June, according to the Index. The report defines a healing market by property data, the proportions of new housing permits, a decreased level of unemployment and a rise in listed house prices over a six-month span. Laredo, Texas; Chicago; and Sioux City, Iowa, were among those added to the Index this month.
"This is the fifth consecutive month in which the IMI has designated more than 70 percent of U.S. metros as improving," noted Rick Judson, chairman of the NAHB and home builder from North Carolina. "While that's a good sign that the housing recovery is on solid footing, we know that various challenges are slowing its progress - including continuing issues with credit availability for builders and buyers, as well as appraisals that aren't keeping up with the rising cost of construction."
Should this trend continue, Realtors can expect to see a further increase in improved markets in the coming months.