Home Prices Lead Market Rebound

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An analysis of how quickly home prices, building permits, and employment levels have returned to normal following the housing crisis has found that home prices have rebounded the fastest. The National Association of Home Builders Leading Markets Index looks at housing markets across the country and evaluates whether or not certain economic and housing indicators have returned to or exceeded their last normal levels of activity. According to the most recent results, nearly all of the 360 metropolitan areas included in the index have seen home prices return to normal. “Of the three elements in the LMI (house prices, permits, and employment), house prices have had the broadest recovery, with 345 markets returning to or exceeding their last normal level,” NAHB’s chief economist, David Crowe, said. “Meanwhile, 64 markets have met or exceeded their normal employment levels. The housing permit level has made the least progress toward normality, with only 26 markets at or above their last normal level.” Overall, the index found the nationwide housing market operating at 92 percent of normal economic and housing activity, with 66 percent of individual markets showing improvement over last year. More here.

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