No Signs Yet of Spring in the Housing Market
· Data on home sales released this week show that the housing market continues to face a number of challenges. Existing home sales fell for the third straight month, while new-home sales tumbled 14.5 percent.
· Despite weakness in sales, home prices continue to climb higher as distressed sales decline and builders face rising costs for lots, materials and labor.
· The manufacturing sector has emerged from its brief hibernation this winter. Durable goods orders rose 2.6 percent in March, while April purchasing managers’ indices are back firmly in expansion territory.
Weekly Economic and Financial Commentary April 25 2014
Tags: economy