Extreme makeover, housing market edition
This Sunday the psalmist sings the praises of the Lord who “sustains my life,” the God who “is my helper.” A jump in sales of previously owned homes to the highest level in more than two years, as well as an uptick in new home construction, is helping sustain a recovery in the long-beleaguered housing market . . .
This Sunday the psalmist sings the praises of the Lord who “sustains my life,” the God who “is my helper.” A jump in sales of previously owned homes to the highest level in more than two years, as well as an uptick in new home construction, are helping sustain a recovery in the long-beleaguered housing market, new data indicate.
Sales of previously occupied homes rose 7.8 percent in August, the National Association of Realtors said Wednesday. That's the highest level since May, 2010, when a federal home-buying tax credit aided sales.
“Today's data are another indication of improvement in the U.S. housing market which, for really the first time post-recession, is becoming a positive for economic growth,” said Andrew Grantham, an economist at CIBC World Markets in Toronto.
At the same time builders broke ground on 2.3 percent more homes and apartments in August than July. The U.S. Commerce Department said the best rate of single-family home construction since April, 2010 drove the increase.
The pair of reports comes amid other signs of steady progress in the housing market after years of stagnation. New-home sales are up, builder confidence is at its highest level in more than six years, and increases in home prices appear to be sustainable.
"The U.S. housing recovery is for real," said Sal Guatieri, an economist at BMO Capital Markets. "Great affordability, pent-up demand, and strong investor interest in rental units are driving the market."
Sales of previously occupied homes rose 7.8 percent in August, the National Association of Realtors said Wednesday. That's the highest level since May, 2010, when a federal home-buying tax credit aided sales.
“Today's data are another indication of improvement in the U.S. housing market which, for really the first time post-recession, is becoming a positive for economic growth,” said Andrew Grantham, an economist at CIBC World Markets in Toronto.
At the same time builders broke ground on 2.3 percent more homes and apartments in August than July. The U.S. Commerce Department said the best rate of single-family home construction since April, 2010 drove the increase.
The pair of reports comes amid other signs of steady progress in the housing market after years of stagnation. New-home sales are up, builder confidence is at its highest level in more than six years, and increases in home prices appear to be sustainable.
"The U.S. housing recovery is for real," said Sal Guatieri, an economist at BMO Capital Markets. "Great affordability, pent-up demand, and strong investor interest in rental units are driving the market."
Sources: Articles by Christopher S. Rugaber and Martinn Crutsinger for the
Associated Press and Lucia Mutikani and Jason Lange for Reuters