Markets in 54 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in October, according to the National Association of Home Builders/First American Leading Markets Index (LMI). This is up two points from September.
Markets in 54 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in October, according to the National Association of Home Builders/First American Leading Markets Index (LMI). This is up two points from September.
The nationwide score of 0.86 indicates that, based on permits, prices and employment data, the market was running at 86 percent of normal economic and housing activity.
In November, 55 housing markets were operating at or above their last normal levels, and the nationwide market was operating at 85 percent of normal growth.
LMI data for the two months were released simultaneously because of the delay in collecting data during the partial government shutdown in October.
Noting that smaller metros accounted for most of the 54 markets on the current LMI that are at or above normal levels, NAHB Chief Economist David Crowe said in a statement that "smaller markets are leading the way, particularly where energy is the primary economic driver. Nearly half of the markets in the top 54 are in the energy states of Texas, Louisiana, North Dakota, Wyoming and Montana."
