Washington, DC, April 7, 2014 — Of the approximately 350 metro markets nationwide, 59 returned to or exceeded their last normal levels of economic and housing activity in March, according to the National Association of Home Builders/First American Leading Markets Index.
This represents a net gain of 11 metros year over year, NAHB said.
The index’s nationwide score ticked up to .88 from a March reading of .87. This means that based on current permit, price and employment data, the nationwide average is running at 88 percent of normal economic and housing activity.
Meanwhile, 28 percent of metro areas saw their score rise this month and 83 percent have shown an improvement over the past year.
“I think the big news here is that regions outside of the energy states continue to gain ground,” said NAHB Chief Economist David Crowe.
“It’s a promising sign to see areas like Los Angeles and San Jose joining the top ten largest MSAs showing a recovery. We still expect 2014 to be a strong year for housing and to aid in the overall economic recovery. The job market continues to mend and with that we will see a steady release of pent up demand of buyers.”