A recent study looking at how new building permits, employment numbers and prices for real estate condos and homes for sale have returned to normal levels following the housing disaster revealed home sales and condo sales have bounced back the quickest.
The National Association of Home Builders Leading Market Index studies real estate markets nationwide and gauges whether or not specific housing and economic conditions have returned to or outpaced previous normal activity levels. The most recent study revealed almost all 360 metro areas covered in the index have seen a return of real estate prices to normal conditions.
The chief economist for NAHB, David Crowe recently said, “Of the three elements in the LMI (house prices, permits, and employment), house prices have had the broadest recovery, with 345 markets returning to or exceeding their last normal level.” He added, “Meanwhile, 64 markets have met or exceeded their normal employment levels. The housing permit level has made the least progress toward normality, with only 26 markets at or above their last normal level.”
In conclusion, the index signaled the real estate housing market across the country is now at 92 percent of normal housing activity and economic conditions and 66 percent of individual markets exhibiting improvement as compared to last year. More about this article here.