The real estate market's recovery continued a strong pace in November, as the National Association of Home Builders reported an expanded list of improving markets.
The NAHB/First American Improving Markets Index showed the list of markets expanded to 125. It now includes markets from 38 states and the District of Columbia. In order to be included, metropolitan areas must have showed improvement in housing permits, employment and house prices for at least six consecutive months.
Some of the markets that were added to the list were San Diego, California; Omaha, Nebraska; Louisville, Kentucky and Charlotte, North Carolina. Only six markets were unable to retain their position on the list.
"The solid increase in the number of improving housing markets this month illustrates the degree to which the housing recovery has gained momentum since we initiated the IMI last year," said NAHB chief economist David Crowe.
Crowe added that the 125 markets on the current list is a significant improvement from the 30 that compiled the list in November 2011. About one-third of the the markets surveyed are now included on the list.
While the market is certainly recovering, there is still a long way to go, as many people believe the recovery is still very fragile.
