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The housing market is recovering

Posted by:  RightStart Mortgage
2013-07-23 10:42:36

Two U.S. housing reports released Wednesday morning show more signs of improvement in the housing market, suggesting that it might finally be on its way toward a full recovery.

 
The National Association of Realtors reported that existing-home sales rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August and the national median home price rose on a year-over-year basis for the sixth month in a row.
 
The Commerce Department reported that housing starts increased 2.3 percent in August to a seasonally adjusted annual rate of 750,000 and building permits, an indicator of future building activity, fell 1 percent to a seasonally adjusted annual rate of 803,000.
 
“The housing market is steadily recovering with consistent increases in both home sales and median prices,” Lawrence Yun, NAR chief economist, said in a statement. “The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years.”
 
Existing-home sales, which include single-family homes, townhomes, condominiums and co-ops, were up from 4.47 million in July and 4.41 million in August 2011.

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