National Association of Realtors reports this morning that existing home sales rose a solid 1.3% in April with most of the strength coming from the condo market. The supply of homes for sale also rose to 5.9 months from 5.2 months.
What’s the point? This is another in a string of reports recently that indicate the housing market is beginning to recover from the effects of the severe winter. We think there is meaningful pent up demand for housing because of severe under-building over the past five years relative to household formation. The improvement in the housing market, some of which is of course seasonal, is another factor that should add to acceleration in the U.S. economy as we progress through the year.
Link: http://money.msn.com/business-news/article.aspx?feed=AP&date=20140522&id=17643110
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