Sales of new U.S. single-family homes jumped 18.6% in May to a seasonally adjusted annual rate of 504,000 units, the highest level since May 2008. New home sales increased in all four regions, hitting a six-year high in the Midwest and the highest level since June 2008 in the South. The inventory of new homes on the market was unchanged at 189,000 units, while the median price of a new home increased 6.9% from May of last year.
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6-24-14 US_ECON US New Home Sales Hit Six-year High in May, Surging 18
Sales of new U.S. single-family homes jumped 18.6% in May to a seasonally adjusted annual rate of 504,000 units, the highest level since May 2008. New home sales increased in all four regions, hitting a six-year high in the Midwest and the highest level since June 2008 in the South. The inventory of new homes on the market was unchanged at 189,000 units, while the median price of a new home increased 6.9% from May of last year.
Sales of new U.S. single-family homes jumped 18.6% in May to a seasonally adjusted annual rate of 504,000 units, the highest level since May 2008. New home sales increased in all four regions, hitting a six-year high in the Midwest and the highest level since June 2008 in the South. The inventory of new homes on the market was unchanged at 189,000 units, while the median price of a new home increased 6.9% from May of last year.
high in May 55 Mins Ago 159 SHARES COMMENTS Join the Discussion Sales of new U.S. single-family homes jumped to a six-year high in May, the latest indication the housing market was starting to dig out of a recent soft patch. Read More S&P/Case-Shiller: Metro home prices up 1.1% The Commerce Department said on Tuesday sales surged 18.6 percent to a seasonally adjusted annual rate of 504,000 units. That was the highest level since May 2008, while the increase was the biggest since January 1992. April's sales pace was revised down to 425,000 units from a previously reported 433,000 units. Economists polled by Reuters had forecast new home sales rising to a 440,000-unit pace last month. Fed extends deadline for Citi, HSBC, RBS and Santander to submit new capital plans ECONOMY HOME U.S. NEWS MARKETS INVESTING TECH SMALL BUSINESS VIDEO SHOWS WATCH LIVE PRO REGISTER | SIGN IN 9 MORE FROM CNBC How climate change is going to slam the US economy Gabelli reveals second-half playbook Dow industrials end lower for first session in seven 401(k) or IRA: Cramers rule to remember Settling a simmering, annual fight: Windows or A/C Heiress defies skeptics with tech savvy, fashion sense For ex-Goldman trader, $8 million bonus not enough Cramer giddy about this marijuana stock Detroit's 'Grand Bargain' could save pensions, art Asia stocks end mixed after upbeat China PMI, US record highs Recommended by SPONSORED Recommended by Getty Images Compared to May last year, sales were up 16.9 percent, pointing to some momentum in the new homes market. New home sales are, however, volatile because of the small size of the sample. Higher mortgage rates and a surge in prices amid a dearth of properties available for sale have weighed on the housing market since the second half of 2013. But as mortgage rates level off, signs of life are emerging. Read More Apartments fill as rental demand keeps on surging A report on Monday showed sales of previously owned homes, the largest segment of the housing market, recorded their largest increase in more than 3-1/2 years in May. Last month, new home sales increased in all four regions. They hit a six-year high in the Midwest, while sales in the South were the highest since June 2008. The inventory of new houses on the market was unchanged at 189,000 units. At May's sales pace it would take 4.5 months to clear the supply of houses on the market, the fewest since June 2013. That was down from 5.3 months in April. Read More Buyers still snap up homes, despite 'very high risk' With inventories still tight, the median price of a new home last month increased 6.9 percent from May of last year. The pace of appreciation, however, is slowing. That should help to stimulate demand for houses. By Reuters Mortgages 30 yr fixed 4.21% 4.29% 30 yr fixed jumbo 4.74% 4.84% 15 yr fixed 3.27% 3.44% 15 yr fixed jumbo 4.30% 4.54% 5/1 ARM 3.63% 5.23% 5/1 jumbo ARM 3.78% 5.91% Find personalized rates: FEATURED Plosser: May need to raise rates sooner The U.S. economy is approaching the Fed's targets faster than expected and might push the Fed to accelerate plans to raise rates, Philly Fed chief Charles Plosser said. US consumer confidence beats estimates U.S. consumer confidence rose to a six-year high of 85.2 in June, beating estimates of 83.5. McCarthy pumps brakes on gas tax hike New House Majority Leader Kevin McCarthy dismissed the proposal to fund the U.S. highway system. The Fiscal Times reports. US new home soar to six-year high Sales of new U.S. homes jumped to a six-year high in May, the latest indication the housing market was starting to dig out of a recent soft patch. MORE FROM ECONOMY S&P/Case-Shiller: Metro home prices up 1.1% How climate change is going to slam the US economy Tech moguls raise cash to fight 'big money problem' US manufacturing expands at fastest rate in 4 years States get nasty in the fight for jobs Frankenstates: Winning the agriculture tech war Massachusetts mayor: Stop sending my city refugees! Existing home sales beat estimates at 4.9M in May 'Stupider than France' is bad tax policy: Norquist Poll: Fewer Americans blame poverty on the poor Want to Be Successful? Get Happy. (The Financialist) Bitcoin Lingers at H&S Neckline, US Marshall (Comments on: Bitcoin Trading The Ultimate Guide) Is There A Revolution Happening In Ukraine? (Learnist) Fabless Chip Companies Ranked by 2013 Sales (EETimes)
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