The numbers are in and news from
the National Association of Home Builders suggests a slow but steady growth in
the housing market throughout the first half of the year. Getting off to a slow
first quarter, it seems the market is starting to find its footing. Pending
home sales reported the largest month-to-month increase this decade,
accompanied by strong existing and new home sales. Builders are still reporting
shortages in labor but it does not appear to be slowing trends down. While
cautious, investors seem to be investing their money in the right sectors that
will produce long-term results.
Another report from the Census
Bureau estimated residential construction spending increased as well as in the
single and multifamily home markets. This information is on the heels of a
growth in the labor market with the average unemployment rate falling to 6.1%,
down 1.4% from the same time last year.
With just a small stumble with the
GDP, but overall positive numbers, analysts are predicting a steady climb for
the second half of the year and into the next. Consumer confidence has grown
over the past quarter with the Consumer Confidence Index hitting its highest
level of 85.2, something not achieved since 2008!
Overall, economic growth remains
slow but steady. Mortgage interest rates remain historically low making this a
great time to buy!
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