US housing market continues to improve
Washington: The number of improved local housing markets across the US edged up in June, indicating that the housing recovery is maintaining its positive momentum, a leading industry report showed.
The number of improved markets in June rose to 263, up from 258 in May, according to the Improving Markets Index (IMI) released by the National Association of Home Builders (NAHB), reported Xinhua.
It was more than three times when it was in June 2012, noted NAHB Chief Economist David Crowe.
"This is the fifth consecutive month in which the IMI has designated more than 70 percent of US metros as improving," said NAHB Chairman Rick Judson.
"The continued strength of the IMI is an indicator of the ongoing, positive momentum in housing markets nationwide as consumers move to take advantage of historically favourable interest rates and affordable home prices," added Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
The IMI traces housing markets throughout the country that are showing signs of improved economic health, employment growth and housing price appreciation. A metropolitan area must see improvement in all three measures for at least six consecutive months before being included on the list.