Nationwide, 56 of 350 metro markets returned to or exceeded their last normal levels of economic and housing activity in June, according to the National Association of Home Builders' First American Leading Markets Index. Year over year, this represents a net gain of nine metros.
Nationwide, 56 of 350 metro markets returned to or exceeded their last normal levels of economic and housing activity in June, according to the National Association of Home Builders' First American Leading Markets Index. Year over year, this represents a net gain of nine metros.
"Markets are gradually returning to normal levels of housing and economic activity," said NAHB Chairman Kevin Kelly. "When we see more sustainable levels of job growth, this will unleash pent-up demand and bring more buyers into the marketplace."
The index's nationwide score of .88 was on par with the previous month. The index score means that nationwide housing activity is running 12 percent lower than normal.
The leading major metro is Baton Rouge, La., which with a score of 1.4 is doing 40 percent better than its last normal market level. Among the top-performing cities are Honolulu; Oklahoma City; Austin, Texas; and Houston.
The highest performing smaller metros are all centers of the energy industry. The leaders are Odessa and Midland, Texas; Bismarck, N.D.; Casper, Wyo.; and Grand Forks, N.D.; respectively.
"Well over one-third of all markets are operating at a level of at least 90 percent of previous norms, and this bodes well for a continuing housing recovery in the year ahead," said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report.