Read my latest Bloomberg View column Housing’s New Wealth Effect. Please join the conversation over at Bloomberg View. Here’s an excerpt…
It was a busy week for housing market reports. The U.S. Census published its new home-sales results for August, showing an 18 percent gain from the prior month and a 33 percent increase from August 2013. News headlines relied on words such as “surged” and “soared” to describe the results.
Only a few days earlier, the National Association of Realtors released its existing home-sales report for August, which showed month-over-month sales falling for the first time in four months. The inventory of unsold properties was 4.5 percent higher than a year earlier. I recently addressed the market slowdown in “Understanding Housing’s Dog Days.”
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Tags: Existing Home Sales, Inventory, New Home Sales, Absorption, Wealth Effect, U.S. Census, NAR, National Association of Realtors
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