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Slow and Steady Wins the Race for Housing Comeback

The National Association of Home Builders and First American Title’s Leading Market Index (LMI) showed no increase in U.S. market growth from May to June. However, the index increased six points from .82 since June 2013, showing that while the housing industry may not be rebounding at an accelerated rate, it is still getting back to normal, steadily.

The index measures economic progress in more than 350 metropolitan areas, gauging how far that particular market is from being ‘back to normal’ or how far ‘beyond normal’ it is. Thirty percent of metros saw a monthly spike in their individual indexes, while 83 percent have seen an index over the last year.

The majority of metros that have exceeded their ‘normal’ levels of economic progress are mostly focused in energy producing markets, where jobs abound. As a result, housing prices have risen in these areas. On the other hand, there are a lot of metros that are still only about two-thirds of the way back to ‘normal,’ with most of these markets located in the Midwest in industrial areas, or in the sand states: Arizona, California, Florida and Nevada.

Read the full article from NAHB here.

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