High confidence levels could lead to elevated housing activity

Home buying levels could pick up in the coming months.With consumer confidence levels remaining high in July, more homes could be purchased in the Houston real estate market.?The Thomson Reuters/University of Michigan preliminary reading on the overall index of consumer sentiment dipped slightly in July to 83.9, lower than the forecast of 85. The index measuring current conditions jumped to a six-year high, with stock prices nearing record highs.?Gennadiy Goldberg, strategist at TD Securities Inc, told Bloomberg the drop in sentiment levels shouldn't be of concern.?”It's a slip in confidence from recent highs rather than the start of a new downward,” Goldberg said. “As we get later in the year and the economy improves, consumers will start to see better numbers and they'll notice that.”Another measure of confidence was more optimistic, as the Bloomberg Consumer Comfort Index increased to minus-27.3 in the week ending July 7 – the highest level in more than give years.?Though mortgage rates have been on the rise for the past couple of months, elevated confidence levels could push home sales levels up in Houston as affordability remains high.Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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