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U.S. New-Home Sales Hit Five-Year High
Sales of new homes in the U.S. climbed 2.1% in May from a year earlier to an annual rate of 476,000 units, the fastest pace since July 2008, the Dept. of Commerce reports.
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Sales of new homes in the U.S. climbed 2.1% in May from a year earlier to an annual rate of 476,000 units, the fastest pace since July 2008, the Dept. of Commerce reports.
The median price for new homes slid to $263,900 in May from
$272,600 in April, according to the Commerce Dept. Builders had 161,000 unsold new homes at the end of May, a 4.1-month supply the highest level in almost two years.
Separately, the S&P/Case-Schiller index of existing home values in 20 U.S. metropolitan areas advanced 2.5% from March to April. Prices last month were 12.1% higher than in April 2012. All metro areas posted year-over-year gains, except Detroit, where prices were flat.
S&P predicts that the housing market recovery will continue despite rising interest rates on mortgages.
In the auto industry, the housing rebound has helped boost sales of fullsize pickup trucks 21% to 759,900 units in the first five months of 2013. Analysts say contractors are replacing aging vehicles now that their business is picking up.
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