Positive Signs for U.S. Housing Market
August 2016Following the 2008 housing bubble burst, many thought the housing market would never fully recover. However, all signs are pointing towards continued growth and expansion within the U.S. housing market.
According to the U.S. Census Bureau construction spending during the first six months of this year amounted to $539.8 billion, a 6.2% increase over the same time period in 2015. During June 2016, construction spending was estimated at a seasonally adjusted annual rate of $1,133.5 billion where spending on residential construction was at a seasonally adjusted annual rate of $445.8 billion in June.
In addition to an increase in residential construction spending, sales of new single-family houses in June 2016 were at a seasonally adjusted annual rate of 592,000, 3.5% above the revised may rate of 572,000 and 25.4% above the June 2015 estimate of 472,000.