Markets in 56 of 350 metro areas nationwide have 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.
Markets in 56 of 350 metro areas nationwide have 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.
The tally marks a year-over-year net gain of seven markets. The index's score went up, albeit slightly, to 0.89, meaning that the nationwide average is running at 89 percent of normal economic and housing activity.
"Things are gradually improving," said NAHB Chairman Kevin Kelly in a statement. "As the job market grows, we expect to see a steady release of pent up demand of home buyers."
However, single-family housing permits are lagging, with the national figure only reaching 43 percent of normal. In the 22 metros where permits are at or above normal, the index indicates that these markets are fully recovered, said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., in a statement.
The list of major metros on the LMI is topped by Baton Rouge, La., coming in at 39 percent above its last normal market level. The top positions for smaller metros on the LMI go to two Texas towns, Odessa and Midland, that are 100 percent or more above their last normal market levels.
The LMI can be downloaded as a spreadsheet at NAHB.org.