The housing market is having a wobble
Don’t be alarmed
HOME BUILDERS and buyers are feeling hesitant. Residential fixed investment has dragged back GDP growth in each of the past three quarters; in October sales of existing homes were 5.1% below their level a year before and new ones down by 12%. Since March price rises have slowed. As housing has historically been seen as a canary in the coal mine for the American economy, this wooziness is worrying. But it is not yet cause for panic.
This article appeared in the United States section of the print edition under the headline “Safe as houses”
From the December 1st 2018 edition
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