Last week included both problems and progress in the housing market. Getting the probs out of the way, June Existing Home Sales came in down 0.8% versus May, to an annual rate still below 5 million units, lifting the months' supply to 9.5. But all the sales decline was from condos and coops, single-family sales staying the same. We appear to be bouncing along a bottom, as the median price of an existing home rose for the month and is now up 0.8% from last year. Average prices are up 2.7% versus a year ago.But strong progress could be seen in the new homes market, as June Housing Starts were UP 14.6%, with gains occurring in all major regions. Multi-family starts, which are very volatile month-to-month, were up strongly, but so were single-family starts, UP 9.4% over May, while new build...
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