“It’s another data point suggesting that housing has turned the corner,” Paul Ashworth, an economist at Capital Economics, said in the AP article.
“There is going to be a continued housing recovery over the next few years,” Larry Seay, chief financial officer at Meritage Homes, said in the Bloomberg article. “Pent-up demand that has built up from people deferring household formation is going to help buoy the recovery. High affordability not only with house prices being very low, but also interest rates being as low as they’ve been in decades, and all that translating into an improved buyer confidence.”
On Friday, observers will look for existing home sales data to reaffirm what many believe to be a turnaround in the housing market.
iShares Dow Jones US Home Construction Index Fund
For more information on the housing market, visit our homebuilders category.
Max Chen contributed to this article.