Denver this month cracked a national list of housing markets showing “measurable improvement,” according to the National Association of Home Builders.
The list, known as the First American Improving Markets Index, nearly doubled in size this month. It measures housing permits, employment and home prices over a sustained six-month period to recognize the signs of improving economic health.
Denver joined cities such as Philadelphia, Indianapolis and Honolulu on the list that hit 76 improving markets.
Last month the list had included just 41 metropolitan areas.
“This is an encouraging sign that gradually strengthening economic conditions are starting to take hold across a broader swath of America,” NAHB Chief Economist David Crowe said in a statement.
To make the list, metro areas must improve in all three areas for at least six months. Five areas dropped from the January list — Anchorage, Alaska; Fort Wayne, Ind.; Canton, Ohio; Scranto, Penn.; and Charleston, W.Va.
“The substantial gain in the number of improving markets … shows that more consumers are looking favorably at a home purchase in light of today’s historically low interest rates and attractive prices,” said Kurt Pfotenhauer, vice chairman at First American Title Insurance Co.
— By David Migoya, The Denver Post
