The state of the housing market can affect the operations of construction equipment users, and a recent report shows some improvement for this segment of the economy.
According to the National Association of Realtors, existing-home sales rose 7.6 percent from July to August. Completed transactions came at an annual rate of 4.13 million, which is down from the 5.1 million seen during the same month last year.
NAR chief economist Lawrence Yun said home sales are still below where industry members might like to see them as the market continues to seek improvement without the help of government credits for first-time and repeat buyers.
"Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty," Yun said.
Other housing indicators have also posted improvements of late. For example, August saw increases in both building permits and housing starts, although much of the gains were accounted for by multifamily development rather than single-family construction.
Experts note that unemployment has played a major factor in the lethargic housing recovery, as consumers continue to worry about the state of the economy.
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