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New-home sales increased in May, selling at the fastest pace in two years, the Commerce Department reported just this past Monday.
Single-family home sales rose 7.6 percent, reaching the highest level since April 2010. Year-over-year, total new-home sales were up nearly 20 percent. Prices are rising too, with new homes seeing a 5.6 percent increase over year ago levels — now at a median price of $234,500.
“May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is in keeping with our expectations for continued, steady improvement through the end of this year,” says David Crowe, National Association of Home Builders’ chief economist.
However, analysts note that the new-home market still has a ways to go, after facing its lowest sales on record last year. Crowe says a full recovery is still being held back by the lack of credit available and low appraisals.
New-home sales in May jumped the most in the Northeast, rising 36.7 percent, and increasing 12.7 percent in the South. Meanwhile, new-home sales dropped 3.5 percent in the West and fell 10.6 percent in the Midwest.
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Source: “New-home Sales Surge to Fastest Pace in Two Years,” MSNBC.com
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