National housing market shows slight improvement

The U.S. housing market posted modest gains during the last three months of 2014.

Markets in 64 of approximately 350 metropolitan areas in the United States either returned to or surpassed their normal levels of economic and housing activity during the fourth quarter of last year, according to the National Association of Home Builders/First American Leading Markets Index, which was released Thursday.

That represents a net gain of 11 markets year-over-year.

Nationwide, the index moved up slightly to .90 during the last three months of 2014. That means economic and housing activity was running at roughly 90 percent of its normal rate during that time.

Also, nearly 70 markets improved between the last quarters of 2013 and 2014, the index stated.

“The markets are improving at a consistent pace,” said Tom Woods, chairman of the association, in a statement. “A growing economy and rising consumer confidence should help drive the release of pent-up demand in 2015.”