Third Quarter Housing Activity Highlighted

Markets in 79 of the approximately 360 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2015, according to a new National Association of Home Builders/First American Leading Markets Index (LMI). This represents a year-over-year net gain of 17 markets. The index’s nationwide score edged up to .93, meaning that based on current permit, price and employment data, the nationwide average is running at 93 percent of normal economic and housing activity. Meanwhile, 69 percent of markets have shown an improvement year-over-year. “Housing markets are improving gradually as the economy strengthens and job creation continues,” said NAHB Chairman Tom Woods. “In especially encouraging news, markets most affected by the downturn posted the largest year-over-year increases in their LMI score. This shows that the recovery is taking hold in those areas.”

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