Markets in 58 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI). This reportedly represents a net gain of two from the previous month. The index’s nationwide score ticked up a percentage point to 0.87. This means that based on current permits, prices and employment data, the nationwide average is running at 87% of normal economic and housing activity.
“Housing markets across the nation are continuing their slow and steady climb back to normal levels,” said Rick Judson, NAHB chairman and a home builder from Charlotte, N.C. “As employment and consumer confidence slowly improves, this is spurring pent-up demand among potential buyers.”