The NAHB reports that the economy and the housing market is continuing its gradual march back to normal.
The NAHB/First American Lending markets Index (LMI), which measures how close every metropolitan area is to its last normal level of single-family housing permits, employment, and house prices, rose to .90 in the third quarter from .89 in the second quarter. Two of the LMI’s three components were responsible for the increase: the single-family permit index, which rose from .43 to .44, and the home price index which rose from 1.27 to 1.3. Employment was the only component that did not change, remaining at .95 for the last 12 months.
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