Tuesday, September 20, 2016

Housing Is Unexpectedly Strong

Some surprising news from the housing industry: U.S. home builder sentiment unexpectedly rose in September to its strongest level in 11 months, prompted by renewed interest in home purchases following a summer lull. The National Association of Home Builders and Wells Fargo said their index on builder confidence regarding newly built, single-family homes climbed to 65 points in September.

This matched the level set in October 2015, which was the highest this figure has been since the height of the housing boom. The index that tracks buyer traffic rose four points to 48: It hasn’t topped the neutral 50 mark since mid-2005.

All that housing growth has lifted U.S. household wealth as well. It increased 1.2 percent to $89.1 trillion in the second quarter,  while housing wealth rose 1.9 percent to $25.6 trillion.

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