Friday, July 6, 2012
Wells Fargo: Housing Data Wrap-Up: June 2012
Even with the overall economy slowing, the budding recovery in the housing market appears to be gradually gaining momentum. New construction during the first five months of 2012 has benefitted from modest gains in employment, increased household formations and resurgent demand for apartments. Milder-than-usual weather also bolstered construction in the Northeast and Midwest during the seasonally slow winter months. Moreover, home prices have firmed up. The S&P/Case-Shiller 20-City Home Price Index rose 0.7 percent in April and the March gain was revised up from 0.1 to 0.7 percent. Prices have now increased for three consecutive months and are up at a 6.2 percent annual rate over this period.