According to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI), markets in 58 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, a net gain of two points over last month. Based on current permits, prices and employment data, the nationwide average is running at 87 percent of normal economic and housing activity, with 2000-2003 used as the last normal period for permits and prices, and 2007 for employment.
“Firming home prices are hastening the return of normal economic and housing activity in an increasing number of markets,” said NAHB Chief Economist David Crowe. “The healthiest markets continue to be centered in smaller metros that boast strong local economies, particularly in the oil and gas producing states of Texas, North Dakota, Louisiana and Wyoming.” MHProNews.com understands that 85 percent of all metropolitan areas have indicated signs of improvement in the last year.
(Image credit: globest.com–housing recovery)