The National Association of Realtors released new housing data this morning that showed pending sales increased 10% nationwide in October over the previous month, although they remained lower than October 2009. Unemployment claims also reached a two-year low at the end of November.
Dean Maki, Chief Economist at Barclays Capital Inc., said of the new data, "The fundamentals that are driving home sales are low mortgage rates combined with job and income growth and that's why housing should be expected to grow in coming months...housing activity will still look low relative to the boom years, but we expect a solid growth rate to occur."
In Clark County, pending and closed sales dropped in October, so local activitiy does not necessarily reflect national trends. As consumer confidence increases, however, we should see sales data improve in our local area.
No comments:
Post a Comment