NAHB will launch a new monthly economic indicator — the NAHB/First American Improving Markets Index (IMI) — that will track housing markets throughout the country that are showing signs of improving economic health.

The initial list of improving markets will be unveiled on Wednesday, Sept. 7.

After the initial release, the IMI will be released on the fourth business day of each month at 10:00 a.m. ET, unless that day falls on a Friday, in which case the index will be released the following Monday.

The new indicator measures three sets of independent monthly data —  employment growth from the Bureau of Labor Statistics (BLS); house price growth data from Freddie Mac; and single-family housing permit growth data from the U.S. Census Bureau — to determine the top improving Metropolitan Statistical Areas (MSAs).

A metro area must show improvement in all three data sets for at least six months following its respective trough before being included on the improving markets list.

To sign up to receive NAHB press releases on the IMI and other topics, visit www.nahb.org/erelease.

For in-depth analysis of the latest housing statistics and research from the federal government, NAHB and other sources, visit NAHB's Eye on Housing blog at http://eyeonhousing.wordpress.com.