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Housing Market Index Jumps

Housing Market Index Jumps
The Housing Market index jumped to 75 in July in the western region of the U.S. pushed by a surge in resale buyers and a large increase in the interest surrounding new homes. The National Association of Home Builders index (HMI) is based on a monthly survey of its members designed to take the pulse of the single-family housing market.

The Las Vegas housing market remains healthy in both new sales and the resale market, with home prices in the majority of sectors increasing on a monthly basis.

The survey asks respondents to rate market conditions on the sale of new homes at the current time and in the next six months and the traffic of prospective buyers of new homes.

Single-family starts were actually up 1.3% and are up 2% year over year, which is really what’s most important for the housing market.
 
Housing construction permits, which are a good forward looking indicator, showed real strength. They were up 7.2% from June, with single family permits up 4.3%. Although the figures are still in single digits, they represent a large increase for the sector.

Housing starts, which gives the reading on new construction, were down 4% in the month of July, which was worse than expectations. However, the decline was all in multi-family starts generally considered to be apartments. Single family starts were actually up 1.3% and are up 2% year over year, which is considered to be the most important factor in the new housing market sector.

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Mike Colpitts

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