Where Are We On The Housing Market?

The Commerce Department is reporting that new home sales soared in May to their highest level since the financial market crisis six years ago. That follows a report yesterday that sales of existing homes also rose sharply last month.

But even with the gains, sales of both new and existing homes are running well below what economists consider healthy. So where are we on the housing market?

Chris Low, chief economist at FTN Financial joins Here & Now's Jeremy Hobson to discuss the housing market.