Is It a Good Time to Buy a House?
Written By: Jaymi Naciri
Wednesday, October 30, 2019
So, in a word, Yes
ldquo;Housing activity indicators displayed further gradual improvement in August,rdquo; the report said. ldquo;Single-family housing starts and permits have rebounded over the past three months. New and existing home sales rose in August. A still-strongnbsp;labornbsp;market and low mortgage rates could continue to provide support to housing.rdquo;
The report noted todayrsquo;s low mortgage rates, which create greater affordability and buying power for those looking to purchase a home. It pointed to ldquo;Augustrsquo;s 7.1 gain in new-home sales to 713,000 at a seasonally adjusted and annualized pace, which was 18 above the year-earlier month,rdquo; said HousingWire. ldquo;And, the Fed cited the 1.2 gain in existing home sales in August that put the sales pace 2.9 above a year earlier.rdquo;
Homebuilding was also a focus of the report, thanks to housing startsnbsp;that are up 12.3, reaching their highest point in more than a dozen years.nbsp;nbsp;
ldquo;Over the last three months, single-family housing starts and permits have rebounded,rdquo; said Realtor Magazine. ldquo;New home sales gained 7.1 in August month over month and are 18 higher than a year earlier. Homebuilding has also seen some increases, surging 12.3 in August to reach the highest level since June 2007, according to the U.S. Commerce Department. A good portion of that has been in the multifamily sector, which includes apartments.rdquo;
According to the report, the combination of a strong labor market and favorable mortgage rates should continue to keep the housing market in positive territory. However, ldquo;The report did note the shortage of homes for sale as one major hurdle facing the housing market that could limit its continued growth,rdquo; said Realtor.nbsp;
The report was partially based on the Federal Reserve Bank of New Yorkrsquo;s U.S. Economy in a Snapshot, a monthly look at national economic factors.nbsp;
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