In a recent report by the National Association of Home Builders (NAHB), the National housing recovery is slowly but surely inching its way back to normal levels. In its third quarter, Leading Markets Index (LMI) report the NAHB analyzed specific factors to determine the level of growth, if any, within certain metropolitan areas of the country. The report concluded that 56 out of 350 metro areas experienced better than normal growth. Additionally, the overall national housing market was at 89 percent of where it should be.
The LMI analyzes permits, the average price of homes, as well as employment data within a 12-month period. The figures for each then get divided by their annual averages over the previous period of normal growth. 2003 was considered the last normal year for single-family permits and home prices, with 2007 being the last normal year for employment. Per Alpha-Omega Title