James Hardesty, market strategist and chief economist at Hardesty Capital Management, told CNBC’s “Morning Call” that the housing market may be bottoming out.
“I think we have a whiff of good news in the housing numbers,” Hardesty said. “I think also (the fact) that interest rates are strengthening here is suggesting that the economy is strengthening, which means that personal incomes and the housing affordability capability of the consumer is moving up. I think we’re seeing a bottoming here.”
The National Association of Realtors said sales of existing houses in the U.S. fell in April to the lowest level in about four years. Purchases fell 2.6% to an annual rate of 5.99 million in April from 6.15 million in March.