El Nino is good news for housing market

Back in July I wrote No snow this winter, a somewhat optimistic comment about the effect El Nino might have on our weather this winter.

Yesterday I read El Nino seen warming Us economy on Bloomberg, with economists quoted as saying “a milder winter supports growth in housing and consumer spending”.

The last two winters have seen unusually cold (think polar vortex) and snowy weather, and in both years the real estate market in New England got off to a slow start. With the economy growing strongly in Massachusetts (forecasts put 2015 growth at 5%), 2016 could be a very good year in the housing market, with the possibility that the gains seen in Metro Boston in the last few years will extend further outwards. (more…)