The recovery in the housing market is slowly spreading.
The recovery in the housing market is slowly spreading.
A look at the 350 metro markets nationwide by the National Association of Home Builders showed 59 have returned to or exceeded their last normal levels of economic and housing activity-a net gain of 11 metros.
Nationwide, the average is currently at 88 percent of normal economic and housing activity, an uptick from March's reading of 87 percent.
"I think the big news here is that regions outside of the energy states continue to gain ground," NAHB's Chief Economist David Crowe said in a statement. "It's a promising sign to see areas like Los Angeles and San Jose joining the top ten largest MSAs showing a recovery."
He added that as the job market continues to mend, there would be a gradual release of buyers' pent up demand.
Metro areas are scored by dividing their average permit, price and employment levels in the last 12 months by their annual average over the last period of normal growth.