July Residential Sales and Price Nowcast

| December 6, 2016

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As the Ten-X Nowcast has been signaling, US home sales continue at a healthy pace, having put the volatility brought on by new regulation and harsh weather conditions earlier in the year behind. While a low number of homes for sale, combined with a decline in affordability, is holding back stronger sales growth, underlying fundamentals otherwise remain supportive of housing. The US labor market is posting job gains despite recent choppiness in headline figures, unemployment remains at a low level, wages continue ticking upward, consumer spending is solid, and mortgage rates persist at a low very level. Despite facing some headwinds including heightened economic uncertainty abroad, solid demand continues to drive the US housing market forward.

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Since 1987, TEEL Construction, Inc. has provided general contracting and construction management services to Virginia, Maryland, Washington D.C., and beyond.

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