There was hope last week that a a trio of real estate data releases from the public and private real sector, as well as from housing’s prominent trade association, showed the residential real estate sector – and construction along with it – was turning a corner. But Monday brought a slap of reality to remind everyone that housing, like it has been for most of the years since the start of last decade’s Great Recession, remains volatile.
The Commerce Department’s statistics on new single-family home sales tracked at 412,000 in July. That represented a surprising 2.4% drop from June, which had been revised upward since last month’s results. While sales remain above July 2013’s total by 12.3%, the latest statistics paint a considerably less rosy picture of the pace of the housing recovery than did recent analysis from the National Association of Home Builders, Wells Fargo, Home Depot, the National Association of Realtors (on existing-home sales only) and other monthly government-tracked economic indicators.
- Brian Shappell, CBA, CICP, NACM staff writer