We are seeing the United States Housing Market continue to improve but not without some challenges. ?According to Freddie Mac and the Federal Housing Finance Agency (FHFA), there is some good news to celebrate. ?On a year over year basis, the US Housing market has improved (+5.39%). ?Sales of newly constructed single family homes increased 19% in August. ?And from July 2013 to July 2014, house prices were up 4.4%.
There are also some challenges reported by Freddie Mac, Fannie Mae and FHFA. ?These include a drop of 1.8% in existing home sales in August, purchase mortgage applications have trended down over the past three months and U.S. house prices only increased 0.1% in July from the previous month.
Even though the housing market has been struggling a bit of late, economists fully expect the recovery to continue, however the pace is projected to be more modest.