Housing (Finally) Adding to Economic Growth

Housing sales and prices are showing modest gains, according to RealtorMag, with economists saying the housing market will likely add to economic growth this year for the first time in seven years. July home sales rose to over ten percent better than July 2011, and prices increased 9.4 percent July 2012 over July 2011, hitting $187,300, marking the largest price gain in six-and-a-half years. MHProNews has learned the Commerce Department said the economy grew 1.7 percent in the second quarter, noting new home sales were up 25 percent July 2012 over the same period last month. John Ryding, an economist at RDQ Economics, says the “evidence that the housing market is recovering…is fairly clear across a wide range of reports. [Housing] is now becoming a small positive for the economic outlook.”

(Photo credit: Reuters)

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