Jul
10

Chicago Listed as Improving Housing Market for Second Month

July 10, 2013

NAHB LOGOThe month of July saw 255 metro areas across the United States qualify to be listed on the National Association of Home Builders/First American Improving Markets Index (IMI). While this number was down slightly from the 263 metros that were listed during the month of June, this is more than triple the number of metros that were on the list in July of 2012.

“This is the sixth straight month in which at least 70 percent of all U.S. metros have qualified for the Improving Markets Index,” observed NAHB Chairman Rick Judson. “The relative stability of the IMI is representative of the broad recovery underway, which is much more extensive than what we were looking at one year ago.”

The IMI identifies metropolitan areas across the United States that have shown improvement from their respective lows in housing permits, employment rates and house prices for at least six consecutive months. For the second month in a row, the city of Chicago was listed on the IMI. Chicago housing permits hit their lowest levels during the market slump in May of 2009, but the amount of permits handed out has grown by 1.6 percent. Home prices hit their lowest point in February of 2012, but prices have increased by 1.7 percent since last year. The Chicago employment rate hit its low mark in December of 2009, but the city has seen employment growth of 4.4 percent since that time.

“Despite slight ups and downs in recent IMI levels, an overwhelming majority of U.S. metros — including those located in almost every state — remain solidly on the path to recovery even as the pace of their improvement is slowed by ongoing challenges related to the availability of credit, labor, lots and certain building materials,” added NAHB Chief Economist David Crowe. “Based on recent trends in home prices, housing permits and employment, the outlook for a continued housing expansion remains very positive for the remainder of 2013.”

“The fact that more than two-thirds of all U.S. housing markets continue to be represented on the improving list should be a boon to consumer confidence at a time when many are looking to take advantage of today’s very favorable mortgage rates,” observed Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.

A complete list of all 255 metros currently on the IMI is available at www.nahb.org/imi.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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