Smaller Housing Markets Leading Recovery
As more housing markets return to normal, smaller markets are leading the pack, according to the National Association of Home Builders/First American Leading Markets Index. The latest index reading shows that 56 of the 350 metro areas evaluated nationwide have returned to or exceeded their normal levels of economic and housing activity.
"Forty-five percent of metro areas are recovering at a faster pace than the nation as a whole, with smaller markets leading the way," says NAHB Chief Economist David Crowe. "Of the 56 markets that are at or above normal levels, 48 of them have populations that are less than 500,000, and many of these local metros are fueled by a strong energy sector, which is producing solid job and economic growth."
The smaller metros topping the latest Leading Market Index are: Odessa and Midland, Texas (both of which are now double their strength prior to the recession); Casper, Wyo.; Bismarck, N.D.; and Grand Forks, N.D.
Meanwhile, the major metros topping the latest Leading Market Index are: Baton Rouge, La.; Honolulu; Oklahoma City; Austin, Texas; Houston; Harrisburg, Pa.; and Pittsburgh. All seven of the metros are posting market activity that exceeds their previous norms, according to the index.
The LMI evaluates more than 350 markets to gauge whether they are approaching or exceeding their previous normal levels of economic and housing activity, taking into account home prices, employment levels, and housing permits.
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