Home sales became less affordable as interest rates increased and consumer confidence fell after the summer’s government shutdown. Slow job creation and “a stubbornly high unemployment rate” created concerns regarding whether rising home prices will match incomes well enough to prevent a housing demand decline in the cities. According to the National Association of Realtors, the combination of factors weakened the sale of existing homes, as well. Still, money spent on remodels continues to grow, multifamily construction is still increasing, and reviews regarding data on building materials are mixed. Research results also indicate growing concentrations of solar-powered homes in the West and Northeast and a seven-month average completion time for home construction.
Read the full article here: Eye on the Economy: Slowing Sales