Housing surges, but resales falter
April 1, 2002,
Helped by good weather and strong consumer confidence, the U.S. housing market remained strong in February, though the gains in new home sales and housing starts were offset by softness in the big market for existing home sales.
"Obviously low mortgage rates are the key to a strong housing market, but rising consumer confidence and a growing number of households bode well for the future." said Martin Edwards, Jr., president of the National Association of Realtors.
Sales of new homes and housing starts — the two segments of the market that cater to the more affluent home buyer — surged ahead, with new home sales gaining by 5.3 percent, and starts jumping up by 2.8 percent. Starts of single-family homes were notably strong, climbing by 7.4 percent, but the overall total for starts was capped by a 12.0 percent decline in apartment starts.
Housing by region
Month-to-month % change
|Existing home sales||Housing starts||New home sales|
Related Content By Author
The Countdown to the ICON Honors Continues featuring Christophe Pourny