Three reports out this week on housing; first the Existing Home Sales report for March was up to 5.6 million from 5.54 million and better than the expected number of 5.53 million. Then the New Home Sales numbers for March up to 694,000 sold from 667,000 and much better than the expected fall of 630,000. Both of these numbers were strong so it follows that the third report which is called the Case-Shiller home prices report showed an increase year-over-year of 6.3%, but that was for February. Still it was up and leads me to believe that March’s number will also be up.
The rise in mortgage rates has not slowed the housing industry in any way recognizable. Part of the good news can be laid at the feet of the millennials as they finally begin to enter the market; and another part is the strong economy.
For housing, the future for the rest of this year looks pretty bright.