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Housing Markets Still Moving Forward

As the building industry is working hard to overcome the effects of a harsh winter, housing markets are still moving forward, albeit slowly. The National Association of Home Builders’ latest NAHB/First American Leading Markets Index (LMI) increased one point to .88 in May, up from April’s down reading of .87.

The index measures a market’s proximity to what is considered “normal” in the industry. This is done by examining three components, including employment levels, single-family housing permits and house prices.

According to the data, fifty-nine metros are at or better than “normal” with LMIs at or above one, which is 12 more than May 2013. More than half of the top 59 markets are in Texas, North Dakota, Wyoming, Louisiana, Montana and Pennsylvania.
Nearly one fourth of all metro markets showed improvement from month to month with 85 percent up from a year ago.

Read the full article from NAHB here.

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