Housing Markets Reaching Pre-recession Levels Good News for Baton Rouge Market...>See below National Association of Home Builders Chairman Rick Judson announced Feb. 5 that “Housing markets across the nation are continuing their slow and steady climb back to normal levels.” The NAHB/First American Title Insurance Leading Markets Index reached .87 this month, indicating economic housing activity is running at 87 percent of the normal U.S. level. Additionally, 58 metropolitan areas have returned to or exceeded their last normal degree of activity. The Leading Markets Index tracks more than 350 metro areas and is based on data from the U.S. Census, Freddie Mac and the U.S. Department of Labor statistics on home prices, employment and permits for housing construction. The index identifies metros nearing or exceeding previous levels of normal economic and housing activity. February’s index showed that two more metro areas were added during last month, as well as an increase in the nationwide score, up .01 points from .86 in January. “We are pleased about the continued market trends, highlighted by the fact that 85 percent of all metropolitan areas have shown signs of improvement over the past year,” Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report, said in the news release. Baton Rouge earned the highest score on the index with 1.41, which means the area is performing at 41 percent above its last normal level. Austin, Texas; Houston; Honolulu; Harrisburg, Pa.; Oklahoma City; and Pittsburgh also topped the list with LMI scores indicating their market activity now surpasses pre-recession levels. “Firming home prices are hastening the return of normal economic and housing activity in an increasing number of markets, NAHB Chief Economist David Crowe said in the news release. “The healthiest markets continue to be centered in smaller metros that boast strong local economies, particularly in the oil and gas producing states of Texas, North Dakota, Louisiana and Wyoming.” Judson adds that improving market levels are good news for the housing industry. “As employment and consumer confidence slowly improves, this is spurring pent-up demand among potential buyers,” he noted.
Posted on: Fri, 14 Mar 2014 17:39:29 +0000
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