Knoxville housing market earns praise

6/15/2012

Here's some good news on the local housing front.

According to a news release from the National Association of Home Builders, Knoxville is one of the U.S. housing markets that's showing sustained improvement.

The Association said there were 28 cities added to its Improving Markets Index in June, while 48 fell off of the list. A total of 80 metro areas are on the list, which is based on improvement in housing permits, employment and house prices for at least six consecutive months.

"The shifting of some markets off the IMI in June underscores the fragile nature of the housing recovery as well as the fact that many locations that previously made the list had recorded only marginal house price gains, which were easily wiped out by small downward changes," noted NAHB Chief Economist David Crowe. "However, the fact that multiple new areas are showing up on the list each month is encouraging, and highlights the degree to which local economic and job market conditions are what drive individual housing markets."

Source: Knoxville News Sentinel