Sales Of New Home Sales In May Shows The Fastest Rise in 6 Years

houseNew home sales increased to 504,00 in May, the highest increase in six years and well above the forecast of 425,000, according to briefing.com.

The home report measures the level of new privately owned one-family houses sold and for sale.

Existing home sales for May, a measure of the level of sales of existing home sales, increased to 4.89 million in May, rising above the forecast of 4.70 million, according to briefing.com.

Today the S&P/Case-Shiller composite index that measures home price increases of 20 metropolitan areas rose 1.1 percent in April, slightly better than the forecast of 1.0 percent but lower than March’s gain of 1.24 percent.

The composite index showed that U.S. home prices rose at the slowest pace in 13 months.

However, all 20 cities in surveyed composite index saw price increases in April.

Year over year gains for the 20 city composite index saw an increase of 10.8 percent in April, lower than 12.4 percent in March.

The largest home appreciation occurred in the Pacific region which had gains of 10.7 percent year over year.

The smallest gains occurred in the middle Atlantic which had gains of 1.7 percent.

-Johnathan Schweitzer

 

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