Housing market making a steady recovery [Video]
Posted on Monday, March 7, 2016 at 11:07:49 AM
Like the proverbial tortoise, the U.S. housing market's path to the finish line has been slow but steady. Since the dark days of the crisis, housing has made a major recovery. For evidence of that, look no further than the National Association of Home Builders' recent Leading Markets Index report showing that 117 of about 340 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the final months of 2015.
"Housing markets are strengthening gradually as the economy firms and job creation continues," said NAHB Chairman Ed Brady. "While some areas are recovering at a faster rate than others, the large majority of metros are moving in the right direction."
NAHB's nationwide index average hit .94, meaning that the national average of markets running at normal economic and housing activity levels is 94 percent. That is, needless to say, an incredible turnaround from where the situation stood only a few years ago.
"The number of markets on this quarter's Leading Markets Index at or above 90 percent has reached 217 - almost 65 percent of all markets nationwide," said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, a co-sponsor of the LMI report. "This demonstrates that the breadth of the housing recovery continues to grow."
With the labor force expanding, access to residential financing improving and building projects growing, housing's path forward looks certain.