The housing market is continuing to get stronger, although its improvement is not happening at a particularly robust pace.
In October, sales of new single-family homes reached a seasonally-adjusted annual rate of 458,000, according to figures released on Nov. 26, 2014, by both the U.S. Census Bureau and the Department of Housing and Urban Development.
While this figure was 1.8 percent higher than last October's statistic, it represented a very modest increase from September's revised figure of 455,000. Amid this lackluster improvement, some analysts have been warning that many Americans are risk-averse and reluctant to make major purchases, according to MoneyWatch.
Jim Baird, chief investment officer at Plante Moran Financial Advisors, stated in a research note that spending could move higher if wages improve and this, in turn, bolsters consumer confidence, the media outlet reported.
He added that these developments should fuel job creation, reduce the slack in the labor market and help place upward pressure on wages, which are "all components of a 'virtuous cycle' that could help push the U.S. further toward a self-sustaining expansion, ultimately allowing the Fed to normalize monetary policy."
There is certainly evidence the economy is improving, as recent data provided by the U.S. Department of Commerce revealed that in the third quarter, the nation's gross domestic product grew 3.9 percent, higher than the 3.3 percent predicted by economists participating in a Reuters poll.
These figures were released after the government agency reported that during the second quarter, GDP expanded at an annualized rate of 4.6 percent. These two three-month periods represent the most robust consecutive quarters of economic growth since 2003.
If economic conditions continue to grow stronger, this improvement could help accelerate the housing market's recovery. Real estate professionals that want to take advantage of these developments might benefit from ensuring they have the most up-to-date information available on their particular sector, including mortgage records and warranty deeds.
One way to have constant access to this important data is to work with CRS. To learn more about the CRS Data Real Estate Suite, click here.