US Housing Recovery on the Right Track

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The US Department of Commerce said that sales in the single-family homes increased for the fifth straight month in July as housing producers’ pricing fell significantly, giving the distinction that the recession, the longest since the great depression, has bottomed down.

A new data released by the US Department of Commerce on Tuesday showed that the housing market is on the right track to recovery as single-family housing sales increased for the fifth straight month and more producers lowered their prices as the recession blows to the housing market began to slow down.

Based on records, the single-family housing sales, which were hit by the recession the hardest, have increased by 1.7 percent in July, raising the annual rate to some 490,000 units sold. It was the highest growth the market has achieved since October of 2009.

However, the Commerce Department also showed that the sales of multifamily home projects have dropped by 13.3 percent, which put the biggest burden in the recovery process. It has also forced the overall housing sales to step down by one percent in July or some 581,000 units sold.

New York-based Swiss Re head of economic researcher Kurt Karl said that they expect the recovery process in a U-shaped track rather than a sharp V-shaped turn. He added that there’s not enough strength to the market to pull a fast recovery but assured that the industry is now at the pivotal point.

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US Housing Recovery on the Right Track

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