Housing Market Recovery Moving Slowly

question_mark_houses__fotosearchThe National Association of Home Builders/First American Leading Markets Index (LMI) tells MHProNews 68 of the 360 metro areas nationwide equaled or exceeded their last normal levels of economic and housing activity in Q1 of 2015. Based on current permit, price and employment information, nationwide the average is running at 91 percent of normal economic and housing activity. The LMI is based on employment data, house appreciation statistics and single-family housing permits.

Baton Rouge, LA leads the larger metro markets with a score of 1.43, which means it is 43 above its last normal market level. The remaining top five markets, in order, are Austin, Texas, Honolulu, Houston and Oklahoma City.

Noting the gradual pace of the housing market recovery, NAHB’s Chief Economist David Crowe says, “Despite a minor uptick in single-family permits, only 7 percent of the markets are at or above their normal permit activity.

Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, which co-sponsors the LMI report, reports 157 of the 360 metro areas have attained 90 percent of their previous normal normal levels, based on 2000-2003 as the comparison. ##

(Image credit: fotosearch–question mark homes)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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