Housing Markets Continue Slow Climb Back to Normal
December 5, 2013
Markets in 54 out of the approximately 350 metro areas nationwide 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, released Dec. 5. The index's nationwide score of .86 indicates that, based on current permits, prices and employment data, the nationwide market is running at 86 percent of normal economic and housing activity, according to the release.
The LMI figures for November showed that 55 housing markets were operating at or above their last normal levels and the nationwide market was operating at 85 percent of normal growth. LMI data for the two months were released simultaneously because of the delay in collecting data during the partial government shutdown in October, according to the release.
"This index shows that most housing markets across the nation are continuing a slow, gradual climb back to normal levels," said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C., in the release. "Policymakers must guard against actions that could impede or even reverse the modest gains of the past year."
Read the full release