Everything Is Moving North for the Housing Market
“Everything Is Moving North for the Housing Market”: Moody’s Mark Zandi
Five years after the U.S. housing market collapsed, wiping out nearly $7 trillion in wealth, a recovery appears to be taking root. Existing home sales are rising — up 10.4 percent in July from a year ago and 2.3 percent from June, according to the National Association of Realtors.
The mean price of existing homes is also climbing — up 9 percent from last July in the biggest year-over-year gain since January 2006, just months before home prices peaked. The mean price now: $187,300.
There are also signs of recovery in the new home sales market. Luxury home builder Toll Brothers (TOL) today reported a 46 percent increase in third-quarter earnings as revenues rose 41 percent. Tomorrow the government will release its July new homes sales report, which economists surveyed by Bloomberg expect will show a 4 percent jump.
'Everything is moving north for the housing market,' Mark Zandi, chief economist of Moody's Analytics, told The Daily Ticker.
That's good news for the economy whose sluggish rebound has been blamed in large part on the suffering housing market.
'Housing has gone from a big negative to neutral' for the economy, Zandi says. 'By this time next year it will be a plus and two years from now a big plus and one of the reasons the economy will be growing much more quickly than many think in 2014 and 2015.'
Doug Spiers / Principal Broker
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