A survey by the National Association of Home Builders released Tuesday showed builders reporting the best sales conditions for single family homes in eight years.

The recovery in the housing market has been one of the key areas of strength in the U.S. economy. Years of low levels of home building since the bursting of the housing bubble have left the nation with a tight supply of new homes for sale.

A strong improvement in home prices and a drop in unemployment and home foreclosures have combined to drive a rebound in demand for homes.

Mortgage rates have been rising steadily for months since hitting a record low in the spring. That has also increased demand as potential buyers look to make a purchase before rates go higher

GDP

Other recent data suggest Americans have kept shopping, even in the face of budget turmoil in Washington that temporarily darkened their mood. Meanwhile, home builders are stepping up construction, manufacturers have ramped up production and hiring continues at a steady pace. As a result, many economists expect annualized growth in the second half of this year of about 3%, higher than the 1.8% pace in the first half.

While there is still reason for caution, since a large chunk of the GDP growth was the result of companies piling up goods for inventory, the larger picture is of an economy finally firing on more cylinders.

The price of the 10-year U.S. Treasury note rose, sending the yield down to 2.89%. The yield this week approached 3% after brushing past it briefly this summer. Investors watch the 10-year yield as a gauge of the health of the U.S. economy.

The question now: Is the economy genuinely lifting off, with recent job growth fueling a healthier cycle of higher consumer and business spending-and in turn more job growth? Or is the recent burst of momentum bound to evaporate, as it has repeatedly throughout the recovery?

The Federal Reserve cautiously concurs with the notion of a sustainable growth track. The GDP report came two days after the Fed announced the economy was strong enough for it to start gradually paring its $85 billion-a-month bond-buying program, a move it had avoided after earlier policy meetings because of concerns about growth.

The latest momentum is coming largely from consumers, whose spending provides more than two-thirds of economic demand in the U.S. The GDP report shows households in the third quarter spent more across the board, including on durable goods such as refrigerators, daily items such as groceries, and services such as health care.

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