By Paul Bubny | GlobeSt.
The residential market’s recovery continues to strengthen, with the latest reports from both the National Association of Realtors and S&P Dow Jones Indices showing upward movement. However, the National Association of Home Builders reported last week that builder confidence in January went in the opposite direction.
NAR reported Tuesday that existing-home sales inched upward 0.4% in January to a seasonally adjusted annual rate of 5.47 million, the highest annual rate in six months, while subpar supply levels propelled price growth by 8.2% year over year, the fastest increase since last April. “The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints,” says Lawrence Yun, chief economist at NAR. “Despite the global economic slowdown, the housing sector continues to recover and will likely help the US economy avoid a recession.”