Housing Recovery Gains Traction |
| Wall Street Journal - Sep 19, 2012 |
Sales of previously occupied homes and construction of single-family homes last month reached the highest level in more than two years as the turnaround of the long-troubled sector provides a boost to the tepid economic recovery.
Existing-home sales increased 7.8% in August from a month earlier to a seasonally adjusted annual rate of 4.82 million, the National Association of Realtors said Wednesday. The month's sales were 9.3% above the same month a year earlier and are the highest since May 2010 when first-time homebuyers were rushing to qualify for a tax credit.
Meanwhile, housing starts increased 2.3% last month from July to a seasonally adjusted annual rate of 750,000, according to a separate Commerce Department report Wednesday. Single-family home construction, which made up 71% of housing starts last month, was up to its highest levels since April 2010.
"The U.S. housing recovery is for real," said Sal Guatieri, senior economist with BMO Capital Markets.
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- Posted: 2012-09-19 13:49:53
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