The National Homebuilding Association’s monthly IMI (Improving Markets Index) was released recently, and we were ecstatic to see Memphis make its first appearance on this enviable list! For inclusion, a metro area must show improvement in three economic indicators - housing prices, employment, and single family housing permits - for at least six months.
The AIMI now contains a total of 98 American metros, which translates into 36 states with at least one city on the list. Employment in Memphis is up 3.1% from its bottom in September 2010; housing prices have increased 1.1% from their March 2011 low; and the amount of new single family housing permits are up 2.8% after reaching an all-time low in April 2009. Nashville also joined Memphis for a spot on the AIMI, but noticeably absent were Atlanta and Charleston. However, Athens, GA and Augusta, GA were able to make it on.
Speaking of new homes in Memphis, a quick Clickscape search turned up quite a few of them for sale in the development of Cordova: The Town. Situated about 30 minutes east of downtown Memphis, construction has been continuing at the Town since 1994. Sterling Gate Properties purchased the bulk of the remaining lots and is building homes that continue the Town’s original old school look. Think sidewalks, street trees, front porches, and garages in alleys. Generous outdoor living spaces, hardwoods throughout, and beautifully finished kitchens are a few standout features of these new houses. Sterling Gate has priced these from the low $200s.