In the News – Housing markets continue to regain their footing

In the News – Housing markets continue to regain their footing

It hasn’t been quick and it hasn’t been easy, but the housing market is moving steadily toward what has traditionally been considered “normal.” According to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI), markets in 146 of the approximately 340 metro areas across the U.S. returned to or exceeded their last normal levels of economic and housing activity in the second quarter. This marks a year-over-year net gain of 66 markets. The index’s nationwide score is now up to .97, which means that based on current permit, price, and employment data, the nationwide average is running at 97% of normal economic and housing activity. Additionally, 91% of markets have shown an improvement year over year. “This gradual uptick is in line with NAHB’s forecast for a slow but steady recovery of the housing market,” said NAHB Chairman Ed Brady. “With a strengthening economy, solid job growth and low mortgage interest rates, the market should continue on an upward trajectory throughout the rest of the year.”

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