Housing market recovery still on hold
Housing market drivers worsened over the last quarter in line with the slowdown in economic growth, but household net worth rose, according to Reed Construction Data. However, the net worth rise is a long term leading indicator.
In the remodeling market, both contractor work hours and building supply store sales have inched up, which suggests a modest improvement underway.
Single family homebuilders have record lean inventories so they are ready to raise starts quickly as soon as the early 2011 economic slump ends. Multi family developers boosted production earlier this year and then dropped off during the spring.