Representing a net gain of nine metropolitan areas year-over-year, 56 returned to or exceeded their last normal levels of economic and housing activity out of 350 metros, according to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI). Based on current permit, price and employment data, MHProNews has learned, the average LMI is running at 88 percent of normal economic and housing activity, with no change from May. Thirty percent of the metro markets saw an improvement since last month, and 83 percent saw their scores rise during the past year. “Of the three components in the LMI, the one lagging is single-family housing permits, which is only 43 percent of the way back to normal while home prices are 26 percent above their last normal level and employment is at 95 percent of its previous norm,” said NAHB Chief Economist David Crowe. “In the 22 metros where permits are at or above normal, the overall index indicates that these markets have fully recovered.” ##
