2016 was the best year for the US housing market since the financial crisis
REUTERS/Shannon Stapleton
Although sales slumped in December - by 10.4% at a seasonally adjusted annual rate of 536,000 in December - new home sales were at the strongest level since 2007 for the year 2016.
Also, data from the National Association of Realtors on Tuesday showed that in 2016, existing home sales were at the strongest level since 2006.
Tight inventory, the recent rise in mortgage rates, and freezing weather may have contributed to the drop in December.
"We expect the upcoming year to bring both headwinds and tailwinds," said Ralph McLaughlin, Trulia's chief economist. "While higher mortgage rates blow strongly into the face of homebuyers, low existing inventory, near full employment, and rising wages are strong tailwinds that will continue to push new home sales higher in the year ahead."
- Luxury “floating” beach unveiled in France, termed an “ecological aberration”
- Scientists think they’ve spotted 60 potential alien power plants in the Milky Way!
- Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction
- Debt, equity holders approve merger of IDFC with IDFC First Bank
- Sunrisers Hyderabad to take on Punjab Kings as they look to grab the second spot in IPL points table
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market