After a slow start in 2014, the national housing market has picked up, but is still only slightly ahead of where it was at this time last year, according to a report by Wells Fargo Securities.
Sales of new homes were up nearly 19 percent in May, and existing home sales rose 5 percent.
“…the fundamentals are only marginally better than they were a few months ago,” the report says.
Affordability, particularly for first-time buyers, is not good.
However, some early indicators of coming sales show improvement, which says to Wells Fargo analysts that the housing market continues to get back on track slowly.
“We continue to look for an extremely gradual recovery in housing demand,” the report says.
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