US housing recovery continues
According to the National Association of Home Builders / First American Leading Markets Index (LMI) released this week, housing markets in 162 of the approximately 340 metro areas in the U.S. returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2016. This represents a year-over-year net gain of 73 markets.
Ongoing job growth, low mortgage rates and rising incomes are contributing to a firming housing market and economy,” said NAHB Chairman Ed Brady. “Though some areas are recovering faster than others, the overall trend is positive.”
“House prices continue to show the strongest recovery among the LMI components, with 327 markets, or 97 percent, returning to or exceeding their last normal levels. Meanwhile, 92 metros have reached or exceeded normal employment activity,” said NAHB Chief Economist Robert Dietz. “Single-family permits have edged up to 51% of normal activity, but still lag far behind the other gauges of the index.”