Posted in Industry News
National Housing Markets Are Seeing Continued Progress
The National Association of Home Builders recently released the January NAHB/First American Leading Markets Index, which showed 56 housing markets in the U.S. are considered at or above normal. This latest reading further proves that economic and housing activity is still slowly advancing.
Normal when it comes to housing markets is when the index reading is at or above one. That means in the last 12 months, the average of single-family housing permits, home prices and employment levels fell at or above one in 56 markets around the country compared to their last normalcy period. That’s two markets more than what the December index reported.
January’s national index, which came in at .86, showed that the US market as a whole is 86 percent on it’s way back to normal. The markets with high normalcy index rates are conctrated heavily in areas where the local economies have been improving for a longer period of time. Those markets that are still a ways out from being at or above normal experienced the most severe housing collapses as a result of either overinflated markets, like Nevada, or from extreme changes in the local economies, like Michigan.
Read the full article from NAHB here.
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