High consumer confidence levels could boost housing activity in Houston
The Houston real estate market has been strong for the past couple of years, and higher levels of consumer confidence could help boost home sales activity in the area.
The Thomson Reuters/University of Michigan final index on consumer sentiment hit 85.1 in July, from 84.1 in the previous month. This level was higher than expected as economists surveyed by Bloomberg called for a reading of 84.
"The labor market's better, you're seeing home prices rise, you're seeing equity prices rise, so there are a lot of things out there to be positive about," Brian Jones, senior U.S. economist at Societe Generale, told Bloomberg. "If you think about the things that drive consumer confidence, they should be rising as well through the end of the year."
June was a strong month for the Houston real estate market, and July could end up being even better with confidence levels high. According to the Houston Association of Realtors, home sales jumped 13.4 percent year-over-year in June, which is the third highest one-month volume of all-time.
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