The National Association of Home Builders (NAHB) has announced the launch of its NAHB/First American Improving Markets Index (IMI), a new monthly economic index showing which housing markets are improving in three key economic indicators. The IMI will be released on the fourth business day of each month. The NAHB/First American IMI is designed to track housing markets throughout the country that are showing signs of improving economic health.
The new indicator will measure three sets of independent monthly data to get a marker on the top improving Metropolitan Statistical Areas (MSAs). The three indicators that will be analyzed are employment growth numbers from the Bureau of Labor Statistics (BLS), house price growth data from Freddie Mac, and single-family housing permit growth data from the U.S. Census Bureau. A metro area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list.
Full tables and information related to the Improving Markets Index will be available at www.nahb.org/IMI.