Economists: Housing market progress should continue through next year

The housing market's recovery improved in recent months, and this trend will likely stretch through next year.

The housing market's recovery improved in recent months, and this trend will likely stretch through next year. However, ongoing property data improvements may be uneven.

There is still a significant amount of new home construction in the market, as well as continued gains in consumer confidence, which could lead recovery, according to an economist panel run by the National Association of Home Builders. Builder confidence also made gains in recent months, which may also contribute to the market's success.

"We're seeing a more robust housing sector than many other parts of the economy," said David Crowe, chief economist for the NAHB. "One of the reasons is we have finally begun to see on a national scale that house prices are picking up again."

Despite the positives in the housing market at present, there are issues which could affect the market's progress over the next year. Economists noted the fiscal cliff could have a negative effect on real estate records due to the many tax increases and budget cuts involved.

The NAHB added that single-family housing starts could rise by more than 20 percent this year, while next year's figures may jump another 26 percent.



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