The housing market's recovery reached a point this year at which it became a more important part of overall economic progress, with a notable contribution to the country's gross domestic product during the start of the year.
The housing market strengthened enough to add 0.3 percentage points to the total GDP during the first six months of the year, according to property data from Freddie Mac. This brought the overall GDP to an annualized growth rate of 1.7 percent. Growth should continue through the end of the year.
Additionally, real estate records will show origination volume for single-family homes reaching $2 trillion this year, close to 30 percent higher than 2011's figures, the U.S. Economic and Housing Market Outlook from the government-sponsored enterprise noted.
"The housing sector's performance since the Great Recession has been unlike any other recovery over the last 65 years," said Frank Nothaft, vice president and chief economist for Freddie Mac. "However, now we're seeing housing resuming its traditional role of leading the recovery charge and once again being the bright spot in the economy."
The news may be viewed positively by those involved in the housing market, as a study from GfK showed that only 49 percent of adults felt the economy will improve in the next year.