Smaller metros are leading the way in the housing recovery, accounting for 43 of the top 50 markets on an index compiled by the National Association of Home Builders and First American Title Insurance Co.

The NAHB/First American Leading Markets Index (LMI) shows housing markets in 52 out of 350 metro areas have now returned to or exceed their prerecessionary levels of activity.

The LMI uses employment growth data from the Bureau of Labor Statistics, home price appreciation data from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. Source:



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