Home construction activity has lagged behind home sales, home prices, and job growth, writes Trulia's Chief Economist Selma Hepp.
“In the last year, home building across the country has been ramping up, but it continues to do so at an uneven pace,” she adds.
The top five metro areas where new home construction is highest are, in ascending order, Newark, N.J., Los Angeles, Philadelphia, Boston, and New York. In fact, New York City has by far the largest jump of annualized permit activity relative to historical norm, at 255 percent. In comparison, Boston, at second place, increased 94 percent.
Metro areas where new home construction is lowest below normal are Long Island, N.Y., Montgomery County, Penn., Milwaukee, Cincinnati, and Detroit.