Positive Economic News: People drove more and bought more houses like it was 2007.
The last few years have been a rather sluggish economic recovery for millions of Americans.
Luckily, year 2013 is showing some green spots in areas which represent “positive” signs that things may be getting better little by little.
Vehicle Miles Traveled
The Department of Transportation reports today that vehicle miles traveled in May this year in the US was the highest traffic volume for the month since 2007.
Travel on all roads and streets changed by +0.9% (2.3 billion vehicle miles) for May 2013 as compared with May 2012. Travel for the month is estimated to be 262.1 billion vehicle miles.
The positive news is that after three years of reported decreases in vehicle miles traveled, year 2013 is showing that individuals are back to traveling as much as they were previously in the pre-recession years.
Ideally this means a couple of things:
1) More people are traveling for vacation during the summer month.
2) More products are being shipped to stores.
(consumers are buying goods and producers are supplying goods)
The National Association of Realtors reports today that June existing-home sales were the highest for the month since 2007, and the median sales price was the highest since June 2008.
Total existing-home sales are 15.2 percent higher than the 4.41 million-unit level in June 2012.for all housing types was $214,200 in June, up 13.5 percent from June 2012.
The national median existing-home price This marks 16 consecutive months of year-over-year price increases, which last occurred from February 2005 to May 2006.
The positive news is that more houses are being sold on the market. In essence, individuals are getting mortgages and buying homes to a greater degree than the previous year. Housing prices for homes have also increased indicating that the market for home ownership has grown (houses increasing in value).
Courtesy of U. S. Department of Transportation Federal Highway Administration
Courtesy of National Association of Realtors