This could be a spurt due to getting in the market while the getting is good. Markets are anticipating a rate increase soon, perhaps in September. Mortgage rates are already starting to increase somewhat but are still low historically.
Not all good news, however. The price increase is not supported by a corresponding wage increase, which implies increasing reliance on leverage.
The Economic Populist
Existing Home Sales Up 3.2% As Prices Soar To Record Highs
Robert Oak
Good news?? More growth reliant on housing?
ReplyDeleteThe US economy is driven by housing and weapons. Better to increase reliance on housing than weapons, as the Neocons are trying to do by ramping up an arms race.
ReplyDeletehttp://moslereconomics.com/2015/07/21/redbook-retail-sales-ny-housing-spike/
ReplyDeleteThis explains housing?