The housing crisis of 2008 had farreaching, dramatic effects on the American housing market, and it's taken years to recover from it. However, many U.S. metro areas have already returned to normal market activity levels, according to the National Association of Home Builders (NAHB).
According to the NAHB/First American Leading Markets Index (LMI), released on May 6, 68 of 360 designated metro areas in the U.S. either reached or surpassed their last normal levels of activity during the first quarter of 2015. This is seven more markets than last year at the same time. The nationwide LMI score increased to .91, indicating that on the whole, the country's housing market is performing at 91 percent of normal activity levels.
"The markets are continuing to make gains. A strengthening economy and low interest rates should spur the release of pentup demand and keep housing moving forward this year," said NAHB Chairman Tom Woods in the organization's press release.