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Housing market continuing strong growth on annual basis

Posted on Friday, August 23, 2013 at 1:03:53 PM

Over the past several months, there have been numerous positive indicators for both the housing market and the economy as a whole. Residential financing has provided many people the opportunity to buy in today's market, and despite some slipping statistics on a monthly basis, overall growth has been strong.

U.S. home prices are increasing, according to data from the Federal Housing Finance Agency. The second quarter of 2013 saw numbers swing up more than 2 percent from the first quarter.

The continually rising figure marks the eighth quarter in a row with improvements, based on the FHFA's House Price Index. In total, the current market changes are somewhat in line with conditions last seen before the bubble burst.

"The housing market experienced one of its strongest quarters since the boom in the middle of the last decade," said Andrew Leventis, FHFA principal economist.

Nationally, the HPI is higher than the same time in the previous year by more than 7 percent.

In addition, new residential sales in July are also up when compared to 2012, although that statistic comes with one caveat - sales are down more than 13 percent month-over-month, according to the Commerce Department.

While residential financing may be helping boost sales during the recovery, new homes suffered slightly. Only a seasonally adjusted annual rate of 394,000 for July was reported, lower than June's rate of 455,000.