Nation Running At 90 Percent Normal Economic Housing Activity

Dated: February 6 2015

Views: 962

NAHB report shows market continues to progress


House

The nation is running at 90% of normal economic and housing activity as more markets return to normal, theNational Association of Home Builders/First American Lending Markets index said.


The index reported the nationwide score moving up slightly to .90, which is based on current permit, price and employment data.


Markets in 63 of 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the fourth quarter of 2014.


“The markets are improving at a consistent pace,” said NAHB Chairman Tom Woods. “A growing economy and rising consumer confidence should help drive the release of pent-up demand in 2015.”


Baton Rouge, Louisiana, kept the top spot on the list of major metros on the LMI, with a score of 1.41 – or 41% better than its last normal market level. Other leading metros included Austin, Honolulu, Houston and Oklahoma City.


As far as smaller metros, both Midland and Odessa, Texas, have LMI scores of 2.0 or better, meaning their markets are now at double their strength prior to the recession.


“The encouraging news is employment, where the number of metros that reached or surpassed their norms rose by 23 in a year,” said NAHB Chief Economist David Crowe. “However, single-family permits are only at 44% of normal activity, and remain the sluggish component of the index.”


Source

Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

Remodeling Expected To Remain Hot Even As The Pandemic Eases

The demand for home remodels is expected to remain strong—even as the COVID-19 pandemic begins to ease as vaccinations rise and people are no longer trapped inside their abodes obsessing over all

Read More

List Midweek If Youre Selling Your Home

A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020 through

Read More

Millions Will Enter Housing Market In 2021

In what will be known to future generations as the Great Reshuffling, a recent Zillow survey showed that more than 1 in 10 Americans reported moving in the past 12 months, either by choice or by

Read More

How Often Can You Refinance A Home Loan

Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. The list of advantages is

Read More