US housing recovery on track say industry experts
The housing recovery in the United States appears to be back on track according to figures released recently which indicate a fourth straight monthly increase in sales of existing homes. According to the National Association of Realtors, sales of existing homes rose 2.4 percent in July to a seasonally adjusted annual rate of 5.15 million. It is believed to be the highest annual rate since September 2013.
Additional figures released by the National Association of Realtors suggest that affordibilty of homes has improved slightly also with the median price at $222,900 in July.
The postive numbers seem to be reflecting encouraging signs across the industry. The federal government recently stated that new home starts increased to 15.7 percent in July to a seasonally adjusted annual rate of 1.1 million homes. Home builders were also showing more confidence in the recovery.