Dive Brief:
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The housing market is regaining its health slowly but surely, the National Association of Homebuilders/First American Leading Markets Index revealed this week.
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Building permits, home prices and local employment recovered to their last "normal" levels of activity in 68 of the country’s 360 metropolitan areas in the first quarter of the year — seven more markets than this time last year.
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Nationwide, housing is running at an average of 91% of its normal activity, the index showed.
Dive Insight:
NAHB Chairman Tom Woods predicted the move toward full recovery will continue as interest rates remain low and pent-up demand among potential homebuyers is released.
NAHB Chief Economist David Crowe said gains in employment are leading the recovery, noting that despite an uptick in single-family permits, just 7% of markets have reached their normal permit activity.