We had another strong start to the week for U.S. housing and mortgage data. According to the latest report out from the National Association of Realtors, existing home sales for October rose 2.1 percent. The rise was in contrast to economists’ expectations – which were for a 1-percent decline.
Housing starts were up 3.6 percent in October. This increase puts the starts number at its highest level since July 2008, and gives the industry further reason to be confident about the rebound of housing.
Speaking of confidence, homebuilder confidence rose to its highest level in over six years in October, according to the latest report out from the National Association of Homebuilders/Wells Fargo Homebuilder Sentiment Index.
Rising home prices and dwindling home inventories are two reasons that builders across the nation are smiling this holiday season.
Mortgage rates are strong, and with the continued support of the Fed, look as though they will remain at the forefront of what we consider to be critical economic drivers for the healthy return of housing.