The National Home Builders Association (NAHB)/First American Improving Markets Index (IMI) for September showed that, out of 361 metropolitan areas throughout the United States, 291 metros qualified as improving housing markets. The IMI is based on three measurements – building permits, home price appreciation, and employment. Building permit data is from the US Census Bureau, home price appreciation data is from Freddie Mac, and employment data is from the Bureau of Labor Statistics. To qualify as an improving housing market, each metro must show “improvement in all three measures for at least six consecutive months following those measures’ respective troughs.” Because Freddie Mac recently change the way they measure home prices, the IMI included an additional 44 markets in September compared to August, making it the highest index result in the history of the IMI. http://bit.ly/Zi08a3
Meanwhile, the following five Idaho metros continue to make it on the IMI’s list of improving housing markets: Boise, Coeur d’Alene, Idaho Falls, Lewiston and Pocatello. Both Boise (+28.2%) and Coeur d’Alene (+12.0%) saw double-digit home price appreciation increases in relation to their respective trough dates. Building permits for Lewiston (+28.1%) and Pocatello (+13.8%) reached double-digit levels as well in relation to their respective trough dates.