IE Business Daily Business news for the Inland Empire.
The U.S. housing market continued to improve during the first quarter.
Sixty eight of the country’s estimated 360 metropolitan areas either returned to or exceeded their normal levels of economic and housing activity during the first three months of this year, according to the National Association of Home Builders.
That was a year-over-year gain of seven markets.
The association’s First American Leading Markets Index moved up to .91, which means the nation is running at 91 percent of normal economic and housing activity based on permitting, price and employment data.
“The markets are continuing to make gains,” said Tom Woods, association chairman, in a statement. “A strengthening economy and low interest rates should spur the release of pent-up demand and keep housing moving forward this year.”
One hundred and fifty seven of the markets surveyed were at or above 90 percent of their previous normal levels. That means the recovery is spreading to a lot of markets, said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
First American Title is a sponsor of the index.
