By Trey Garrison | HousingWire
With limited numbers of existing homes coming onto the market, rising sales have led to very tight market conditions, according to a new client note fromCapital Economics.
That has led to a rise in house prices on some measures, although the Case-Shiller index is still lagging behind.
Existing home sales rose unexpectedly in July, and are now up 16% since the start of the year. And while starts were essentially flat in July, they are up 10% over the same period, and homebuilder confidence is elevated.