Housing market showing sustained improvement

The number of housing markets showing consistent improvement expanded in November for the third straight month, another sign that the sector's recovery is picking up steam. 

The total increased by 22 to 125, which includes areas across 38 states and the District of Columbia, while 97 out of 103 markets held their spots on the list from October, the National Association of Home Builders (NAHB) reported on Tuesday in its Improving Markets Index (IMI). 

"This shows that a housing recovery is firmly taking root and helping generate needed jobs and economic growth across much of the country, though we know that this expansion could be even stronger were it not for ongoing challenges including overly tight lending conditions and difficult appraisals," said Barry Rutenberg, chairman of the NAHB and a home builder from Gainesville, Fla. 

The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six straight months. Markets added to the list in November include San Diego, Calif.; Gainesville, Fla.; Omaha, Neb.; Louisville, Ky.; and Charlotte, N.C.

The presidential candidates — President Obama and Republican nominee Mitt Romney haven't given the issue much attention on the campaign trail despite the sector's steady improvement in recent months. 

"This new high point for the Improving Markets Index provides the latest evidence that housing has turned a corner due to rising demand from consumers who are increasingly confident about the direction of local home values," said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, which teams up with NAHB to produce the data.