Fifty-nine of the 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, a year-over-year net gain of seven markets, according to the National Association of Home Builders' Leading Markets Index.
Fifty-nine of the 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, a year-over-year net gain of seven markets, according to the National Association of Home Builders' Leading Markets Index.
The nationwide score increased, albeit slightly, from 0.89 to 0.90 in the third quarter. That means, based on current permit, price and employment data, the nationwide average is 90 percent of normal economic and housing activity. A year-over-year improvement was seen in 66 percent of markets surveyed.
The NAHB considered these numbers unremarkable, but predicts future job creation, economic growth and consumer confidence should spur pent-up demand for housing.
An uptick in the number of single-family permits would be a harbinger of a full-fledged housing recovery, said NAHB Chief Economist David Crowe in a statement.
Currently, the level of single-family permits is at 44 percent of normal.