In an otherwise downcast monthly economic report, the Federal Reserve Bank noted that the housing market ha rebounded in August due to a strong job market and low mortgage interest rates. The report also mentioned that new-home sales were up in August by 18% as compared to a year ago, and existing-homes sales increased by almost 3% during the same period.
However, the report also noted that “Inadequate inventories in affordable price ranges continue to be a drag on sales and to fuel home price increases.”