Positive U.S. Housing Figures
This week, a slew of positive housing figures came out. For one, on Monday, new home sales figures came out. 369K homes were sold versus 350K expected, the fastest annualized pace of sales in more than 2 years. Also, on Tuesday, the April S&P Case-Shiller Home Price Index increased 0.7% M/M, an increase which comes after 7 consecutive months of declines.
Accompanying these encouraging signs was a recent survey by Zillow of more than 100 leading economists. As noted by the survey, "For the first time, the individual economists surveyed were largely in agreement on the trajectory of home prices nationally, signaling that a true bottom may be imminent."
Of course, these nascent signs of growth in the housing industry don't translate into 10% home-jump prices, as some have stated possible. But they do lead to increased optimism about the state of our housing market, which in turn paves the road for increased traction for the recovery.