Although it’s been slow, the economy does continue to improve, and along with it the housing market. The National Association of Home Builders (NAHB) and First American Title Insurance Co. produce a “Leading Markets Index” (LMI), which uses single-family housing permits, house prices and employment levels in various metro markets to measure how close to normal the markets are functioning.
The LMI indicates that, nationally, we are running at 88 percent of normal economic and housing activity. Scores for metro areas varied, but 59 of the 351 measured are at or exceed 100 percent of normal activity, and 85 percent improved over the last year.
“Things are getting slowly better overall,” said NAHB Chairman Kevin Kelly. “The nation’s economy is headed in the right direction.”