More Good News in the Housing Market

This information comes from Guild Mortgage lender Steven Bighaus:

People indeed are astonished at how the housing market has started to recover and last week's data just kept the ball rolling. Builders are busier as housing starts are up 2.3% from July to August. They're now at a 750,000 annual rate, UP 24.5% over August 2011. Housing starts have been rising on an annual basis for the last 11 months and they're now UP 57% from their April 2009 bottom. No wonder builder confidence in September was up for the fifth month in a row, hitting its highest level since 2006.

August Existing Home Sales were up 7.8% over July, reaching a seasonally adjusted annual rate of 4.82 million units. These sales are UP 9.3% for the year, while the national median price for all housing types is UP 9.5% versus a year ago, at $187,400.The National Association of Realtors (NAR) is forecasting overall home sales should be up 8% to 10% for 2012. The inventory of existing homes for sale is currently down to a 6.1-month supply, a level thought to favor neither buyers nor sellers.