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Housing Market Continues to Be Jostled, But Is on the Road to Recovery08-03-09 | News

Housing Market Continues to Be Jostled, But Is on the Road to Recovery

New home sales seem to be struggling more, but they are slowly improving. First quarter sales averaged 339,000. April and May averaged 343,000 ?EUR??,,????'??+ a small but definite improvement. ?EUR??,,????'??? Courtesy of Cleveland Plain Dealer

The crucial first step to recovery in the housing market ?EUR??,,????'??+ stabilization of demand ?EUR??,,????'??+ appears to have occurred. The housing market is clearly negotiating the roughest road of this recession/recovery. All the month-to-month volatility makes one nervous about declaring a bottom in the market.

Single-family existing home sales, which averaged 4.1 million in the first quarter of this year, averaged 4.2 million for April and May. May?EUR??,,????'???s reading of 4.25 million single-family sales at a seasonally adjusted, annual rate was the highest rate since October of last year. While many of these sales are foreclosed homes and short sales, clearing out the inventory of foreclosed homes is still necessary. – Courtesy of NAHB