Wells Fargo Weekly Economic & Financial Commentary: Housing Market Still Strong
- Following two straight monthly declines, housing starts rebounded in September on the back of solid gains in the multifamily sector. Permits were less encouraging, with declines in both single- and multifamily. Despite the choppy starts readings in recent months, we expect residential investment to continue to contribute to real GDP growth.
- Existing home sales came in better than expected, but we continue to see much of the activity concentrated in higher priced homes. Along with other well-known factors, low inventories for lower-priced homes are keeping first-time home buyers on the sidelines.
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Tags: economy, finance, Housing