The US housing market is gradually healing
New single-family home sales surged to 5.7% in September
The US housing market is gradually recovering and becoming more active. The Commerce Department said that new single-family home sales surged to 5.7% in September, the highest level since April 2010, when sales increased thanks to an advantageous tax-credit for first-time buyers.
The real estate market recovery is one of the few bright spots in the US economy, where a dark cloud of uncertainty remains. The collapse of the housing market dragged the US economy through its worst recession since the Great Depression, but sales are currently rising, the stock of unsold properties is being pushed down and prices are increasing, which is encouraging builders to start new projects.
The demand is rising steadily thanks to an increased job security and record low mortgage rates. The US Federal Reserve considers the development of the housing market to be a key channel to encourage the economic growth of the country.
The inventory of new homes remained near record lows in September, even if some economists worry that an increasing building activity could destabilize the property market if there isn’t a significant rise in sales.
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