Housing index reflects continued recovery in July

“The relative stability of the index is representative of the broad recovery underway, which is much more extensive than what we were looking at one year ago.”

{mosads}The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. 

Six new markets were added to the list — Cumberland, Md.; Saginaw, Mich.; Farmington and Las Cruces, N.M.; Kingston, N.Y.; and Olympia, Wash. — and 14 were dropped from in July.

“Despite slight ups and downs in recent index 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,” said David Crowe, the NAHB’s chief economist.

“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.”