Triangle Business Today

Numbers show housing market's strength

Posted February 26, 2013

Housing is firing on all cylinders right now as supported by the latest new home sales report out from the Commerce Department. January new home sales jumped by 15.6 percent, which is a figure that outpaced even the most aggressive estimates from economists.

Mortgage rates, which had been embracing elevated levels over the past few weeks, improved slightly on Monday thanks in large part to the developing uncertainly in Europe.

The Consumer Confidence Index also blew away expectations, delivering a reading of 69.6 in February. That number was much higher than the January reading of 58.4, and exceeded economists’ expectations of 61 for the month.

Higher consumer confidence levels, lower housing inventory levels and strong mortgage rates have come together nicely to provide a solid growth formula for Triangle housing this spring.

In addition to having strong housing fundamentals, Raleigh has just been ranked the No. 2 city in the US to start a business according to a new survey out from the National Federation of Independent Business. This most recent accolade is just one of many which point to a bright future for Triangle housing consumers and businesses.

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About this Blog:

Jeremy Salemson, CEO of Corporate Investors Mortgage Group, blogs about economic trends and data and their impact on Triangle business. Each week, he interviews a Triangle-area business leader for a personal look at the local economy.