U.S. Housing Recovery Seems Still on Track

Source: The New York Times

Analysts are worried that the housing market may slow in the months ahead, but for now it continues to gain strength despite the drag of rising mortgage rates. The New York Times notes that “Higher home prices help the economy not just by strengthening the construction and real estate industries, but by making homeowners feel wealthier and more likely to spend,” thereby a key driver of the economic recovery.

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Builder Confidence Unchanged in September

Following four consecutive months of improvement, builder confidence in the market for newly built, single-family homes held unchanged in September with a reading of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

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Key Market Indicators Shift from Supply to Demand

A new report by Realtor.com found that as the year’s peak home-buying season comes to a close, key market indicators are pointing to a shift in the dynamics of the housing market, suggesting that future home value appreciations may likely be driven by market demand, rather than inventory shortages.

Home Construction Spending at Highest Level Since 2008

The Commerce Department reported this week that private residential construction spending rose 0.6 percent to a seasonally adjusted annual rate of $334.58 billion, rising to its highest level in nearly five years. The spending levels may be an indication that builders are unconcerned with the impact of higher interest rates.

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