Markets in 59 of 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, representing a year-over-year net gain of seven markets.
A growing economy, rising household formations, low mortgage rates and pent-up demand will help single-family housing production to rev up in 2015 while a growth in renters will keep the multifamily market at cruising altitude or higher.
The Architecture Billings Index (ABI) rose 2.2 points to 55.2 in September, marking the fifth-straight month of growth in design activity. The institutional sector showed the largest gain during the month.
First-time home buyers continue to struggle with their own financial limitations but as the economy expands and jobs become more available and better paying, the core 25- to 34-year-old first-time buyers will come back.