Housing Market Keeps Humming Along
New York (CNN Business)—Despite a recent drop in retail sales, softer business spending and a slowdown in job growth, the housing market keeps humming along. That's good news for a US economy that may need housing to keep the current recovery alive.The National Association of Home Builders reported last week that builder sentiment in October reached its highest level since February 2018. What's more, the increase in sentiment so far this year is the biggest 10-month change in more than six years.
"With homebuilder sentiment so strong, it's hard to imagine that the economy is on the cusp of a downturn," said analysts at Bespoke Investment Group in a report.
Bespoke analysts also noted that while housing starts and building permit numbers for September showed a slight pullback from August levels, the decline -- which was expected -- was due mainly to a slowdown in multi-family apartment units, as opposed to traditional houses. Data on permits a year ago similarly showed that starts for single-family homes rose from August as well as September of 2018.
There seems to be no end in sight to the housing boom in many parts of the US. According to the Federal Reserve's most recentBeige Bookreport, which looks at economic conditions in regions throughout the country, the Boston, Atlanta, Richmond, Chicago, Kansas City and San Francisco districts all have stronghousing markets.
Casablanca Homes has been building custom homes throughout Southwest Florida since 2001. Home prices start in the $280s.
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