Sales of New Homes in U.S. Rebounded in February on Jump in West
Source: Bloomberg
March 23, 2016 10:00 AM EDT Updated on March 23, 2016 10:23 AM EDT
Purchases of new homes climbed in February for the fourth time in the last five months as demand snapped back in the western U.S.
Sales increased 2 percent to a 512,000 annualized pace following a 502,000 rate in January that was stronger than previously reported, Commerce Department figures showed Wednesday. Demand is in line with last years pace, indicating residential construction will remain a source of support for the economy.
Low mortgage rates and a labor market thats added almost a quarter of a million workers a month on average over the last two years is giving Americans the confidence and means to buy a home. Increased availability of entry-level properties would help persuade lower-income and first-time buyers to move off the sidelines and give the industry an added boost.
Job growth is solid, income growth is starting to pick up, mortgage rates are still amazing low and underlying demographics are pretty positive for housing, said David Berson, chief economist at Nationwide Insurance in Columbus, Ohio. The underlying trend in housing is up.
Read more: http://www.bloomberg.com/news/articles/2016-03-23/sales-of-new-homes-in-u-s-rebounded-in-february-on-jump-in-west
upaloopa
(11,417 posts)truthisfreedom
(23,113 posts)Because based on the rate of change in global warming models it's going to hell soon.
Jitter65
(3,089 posts)sense
(1,219 posts)Seattle real estate is hopping. So many selling for more than the listing price. Makes no sense.
pscot
(21,023 posts)PasadenaTrudy
(3,998 posts)how the Hawaiian islands will fare. A friend has an oceanfront Kauai condo.