According to the National Association of Home Builders / First American Leading Markets Index, Ithaca, NY is on the list of major metros on the LMI, with a score of 1.68–or 68 percent better than its last normal market level. When an index value is above one it means that a market has grown beyond its previous normal level of economic activity.
The index’s nationwide score went up almost a full perecent point at .98, meaning that based on current permit, price and employment data, the nationwide average is running at 98 percent of normal economic and housing activity. Meanwhile, 9×1% of markets have shown an improvement year over year. Combined with Zillow’s High Home Value Index Ithaca is shaping up to be some hot real estate with a high ROI property investment projection.
How Accurate Is LMI?
The LMI examines metro areas to identify those that are now approaching and exceeding their previous normal levels of economic and housing activity. The way it works is this:
Generally speaking, LMI has been a fair metric to depend on to gauge real estate value in a given area.