Home Sales Dip, But Housing Still Back

The U.S. Department of Commerce presented some bad news and some good news about housing Friday. Single-family home sales took a 7.3 percent dip last month, according to the department, but median sale prices are on the rise, and the housing sector is still looking good in the grand scheme of economic recovery. Indeed, the success of the housing market is expected to help make up for the pain of this year’s tax hikes. Andrew Grantham, an economist at CIBC World Markets in Toronto, says the news isn’t worth worrying about. “This should prove to be a temporary blip as the U.S. housing market continues its gradual recovery,” he said.