Pop-Free Housing Slowdown
"Ford’s Former Home Languishes on Market." So read the headline of a Washington Post article last week, a desperate attempt to work the housing-market slowdown into the story of the day.
But the editors at the Post should spend less time concocting headlines and more time reading them: According to the most recent data released by the U.S. Census Bureau, new home sales have increased 3.4 percent. Sales of existing homes, meanwhile, have risen for the second consecutive month.
BuzzCharts is not surprised. Though many referred to the record housing boom of recent years as a “bubble” — while eagerly awaiting the “pop” — that boom has been followed only by a moderate leveling-off, as the chart above shows.
Looking ahead, while we’re constructing and selling about 1 million new homes per year, the U.S. population is growing by roughly 1.5 million annually. This will inevitably lead to a further rise in home sales, at which point the headlines undoubtedly will question our ability to house all the new people.
This article originally appeared on National Review Online.