Housing Market News 7/19/2013

Housing news released in June was decidedly mixed.

Housing starts for June showed a decline and came in below expectations (due in large part to a drop in apartment construction activity). On a positive note, housing starts were actually up 13 percent compared to the same time last year.

More positive news for June came in the form of building permits and New Home Sales. The number of building permits (which are a sign of future construction) were well above expectations and new home sales were above consensus estimates, and March sales were revised to be higher.

Home prices also saw mixed data released last month. Research firm CoreLogic reported that home prices rose 10.5 percent in June 2013 when compared to the same time a year ago, representing the biggest annual increase since March 2006 and the 13th consecutive increase in home prices. However, on the reverse side, home prices remain 25 percent lower than the peak of April 2006.

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