Most Housing Markets Show Annual Improvement

Washington, DC, May 7, 2014 -- Of the 351 metro markets measured, 300 have seen year-over-year economic gains, according to the National Association of Home Builders/First American Leading Markets Index.

The index shows that 59 metros have fully returned to or even exceeded their last normal levels of economic and housing activity.

The nationwide economic score rose slightly to .88 from a revised April reading of .87. This means that based on current permit, price and employment data, the nationwide average is running at 88 percent of normal economic and housing activity. The index showed an overall reading of .82 a year ago.

“We have always said this recovery would be a slow but steady one, and I think this index continues to prove this,” said NAHB Chief Economist David Crowe.

“The year started a bit slower than anyone could have anticipated but we still expect housing to play a greater role in aiding the overall economic recovery this year. The job market continues to mend and that should spur a steady release of pent up demand among home buyers.”

Smaller metros experiencing an energy boom continue to lead the recovery.