Momentum in housing...
Purchases of previously owned homes unexpectedly rose in July for a third straight month to reach the highest level since February 2007, figures from the National Association of Realtors showed Thursday, Sho Chandra reports on bloomberg.com.
The gain was driven by stronger sales of single-family houses even as the share of first-time buyers shrank, Chandra wrote.
A limited number of available properties is keeping prices elevated, giving homeowners the financial flexibility to trade up as their housing equity improves, Chandra added.
The data and a recent report showing the strongest rate of residential construction since 2007 are consistent with the Federal Reserve’s view that the industry is making progress, according to Chandra.
“Demand is solid,” said Brian Jones, senior U.S. economist at Societe Generale in New York, Chandra noted.
For more: http://www.bloomberg.com/news/articles/2015-08-20/best-u-s-home-sales-since-2007-shows-momentum-in-housing-market
A little music to go with today's good news
The gain was driven by stronger sales of single-family houses even as the share of first-time buyers shrank, Chandra wrote.
A limited number of available properties is keeping prices elevated, giving homeowners the financial flexibility to trade up as their housing equity improves, Chandra added.
The data and a recent report showing the strongest rate of residential construction since 2007 are consistent with the Federal Reserve’s view that the industry is making progress, according to Chandra.
“Demand is solid,” said Brian Jones, senior U.S. economist at Societe Generale in New York, Chandra noted.
For more: http://www.bloomberg.com/news/articles/2015-08-20/best-u-s-home-sales-since-2007-shows-momentum-in-housing-market
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