The Rise in Home Sales and Home Depot #realestate #homeownership

Sales of Existing U.S. Homes Rise to Second-Highest Since 2007
Source:  Bloomberg

In a positive sign for the housing industry, sales of previously owned U.S. homes unexpectedly rose in January 2016 to the second-highest pace since early 2007.  Closings, which usually take place a month or two after a contract is signed, advanced 0.4 percent to a 5.47 million annual rate.  Near record-low mortgage rates, steady job gains, and better wage growth are helping encourage prospective buyers, including first-time purchasers.  Compared with a year earlier, purchases increased 7.5 percent in January before adjusting for seasonal variations.

Home Depot Sales Beat on Housing Recovery
Source:  Reuters

Home Depot Inc., the world's largest home improvement chain, reported better-than-expected sales, boosted by an improving housing market and mild weather.  The store is likely benefiting from a pent-up demand for houses after the 2008 financial recession.  Low interest rates and growth in jobs, wages, and credit are also spurring customers to spend more on renovating homes.  Net sales rose 9.5 percent to $20.98 billion in the fourth quarter.

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