Washington, DC, March 10, 2014 — Markets in 59 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.
That’s a net gain of one from the previous month.
The index’s nationwide score held steady at .87. This means that based on current permits, prices and employment data, the nationwide average is running at 87 percent of normal economic and housing activity.
Meanwhile, 32 percent of metro areas saw their score rise this month and 84 percent have shown an improvement over the past year.
“Despite the cold weather that has constrained economic and housing activity across much of the nation this winter, markets are returning to normal levels,” said NAHB Chairman Kevin Kelly.
“As the job and housing markets continue to mend and the onset of spring releases the pent-up demand for new homes, this will bode well for the remainder of 2014.”
The energy sector is at the forefront of the recovery and centered in many small and mid-sized markets in Texas, Louisiana, North Dakota and Wyoming, said NAHB Chief Economist David Crowe.