The nation’s housing market is running at 98 percent of normal economic and housing activity, based on current permit, price and employment data, according to the National Association of Home Builders Leading Markets Index.
Markets in 162 of 340 metro areas returned to or exceeded their last normal levels of activity in the third quarter of 2016, a year-over-year gain of 73 markets.
"Ongoing job growth, low mortgage rates and rising incomes are contributing to a firming housing market and economy," said NAHB Chairman Ed Brady in a statement. "Though some areas are recovering faster than others, the overall trend is positive."
Baton Rouge, La., is the leading large metro on the LMI with a score of 1.68, or 68 percent of its last normal activity.
Odessa, Texas, leads smaller metros with an LMI score of 2.0 or better.
