Housing Market Shows ‘Steady and Sustainable’ Improvement
Despite the sluggish economic recovery in the U.S., home sales have been increasing at a rate that leaves economists optimistic for the housing market to add to economic growth for the first time in seven years.
An article in REALTOR Mag (from the National Association of REALTORS®) discusses how experts are predicting a steady and sustainable improvement in the growth of the housing market.
Existing-home sales increased 2.3 percent in July and are up more than 10 percent compared to levels at this point last year. Home prices also increased 9.4% in July since last year, which is the single largest price gain in over six and a half years.
“The evidence that the housing market is recovering…is fairly clear across a wide range of reports,” said John Ryding, an economist at RDQ Economics. “[Housing] is now becoming a small positive for the economic outlook.”
Additionally, new-home sales have also risen 3.6 percent in July and up more than 25 percent compared to last Jul, according to the Commerce Department.
While the market still has a way to go in order to reach a full recovery, the latest trends are a very good indicator for an optimistic outlook.
Are you optimistic about the future of the housing market?