Housing Market End of the Year

Scottsdale
Russ Lyon Sotheby's International Realty
The Monday Morning Quarterback  A quick analysis of important economic data released over the last week   This week's story is about housing. U.S. single family starts are approaching levels not seen in 12 years. Permits were up as well. Existing home sales were also up as were home prices. Home builder confidence, while down slightly for the month, remains way up from a year ago. In addition, mortgage rates continue to be a very low by any historic standard.   The strong housing market extends to the local level as well. Not only were single family permits in Greater Phoenix up a significant amount over a year ago, but resales were up as well. In Greater Tucson, new home permits were up very significantly from a year ago and resales were also up.   Looking forward, the demographics of demand for single family housing both nationally and locally remain extremely positive and supply remains constrained. It's tough to talk about recession when the housing market remains this strong.   In addition to housing trends, leading indicators, while down very slightly, remain up from year earlier levels and consumer sentiment remains very high. So, while the 4th quarter might be weak due to a slowdown in both plant and equipment spending and trade, the economy will continue to grow.    This is good news going into the holiday shopping season. _______________________ Btw, you can freely subscribe to the Monday Morning Quarterback here: https://visitor.r20.constantcontact.com/manage/optin?v=0015awSNdpzwR6s_VGv5001CwDcbq0vbvpj

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