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In July, aggregate housing data were mixed; with several categories declining month-over-month and on a year-over-year basis. Seven categories recorded three percent or less increases. New single-family sales was the “Star” of July, increasing above its long-term historical average. In the expenditures category, single-family spending has decreased five consecutive months; remodeling expenditures increased month-over-month, yet are negative year-over-year. The Atlanta Fed GDPNow™ model projects residential investment spending, in Q3, to decrease at a 5.1 percent rate1(SAAR). Regionally, data were mixed across all sectors. From the depths of 2009, housing has improved; yet, only new single-family sales are greater than its historical average.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
September 15, 2016