Markets in 59 of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, according to the most recent National Association of Home Builders/First American Leading Markets Index (LMI). This reportedly represents a year-over-year net gain of seven markets.
The index’s nationwide score moved up slightly from 0.89 in the second quarter to 0.90, meaning that, based on current permit, price, and employment data, the nationwide average is running at 90% of normal economic and housing activity. Meanwhile, 66% of markets have shown a year-over-year improvement.