us new home prices hit record in may
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

US new home prices hit record in May

Arab Today, arab today

Arab Today, arab today US new home prices hit record in May

Washington - Arab Today

Sales of new homes in the US picked up in May, as prices surged to the highest levels on record, the Commerce Department reported on Friday.
Coming at the start of the peak home-buying season and after April’s sharp decline, the sales rebound suggested demand remained strong in an increasingly tight market.
The numbers followed an industry report this week showing a jump in sales and prices for existing homes and were sure to fuel worries that homes could soon become unaffordable for many, with prices outstripping inflation and wage gains.
Sales of new single-family homes rose 2.9 percent last month, according to the report, surpassing analysts’ expectations.
The median sales price jumped 11.5 percent, hitting $345,800, an all-time record and the biggest increase in nearly three years.
The average sales price also reached its highest amount ever, rising 10.5 percent to $406,400, the report said.
Despite slowing construction in recent months, the report showed homebuilders might be beginning to respond to demand, with the supply of new homes for sale hitting its highest level in nearly eight years at 268,000.
Still, with the rising sales pace, this represented only 5.3 months’ supply, unchanged from April.
Sales in the South and the West drove the monthly gains, with the Northeast and Midwest of the country instead seeing declines for the second month in a row.
The Midwest saw its biggest monthly decline in two years, with sales falling 25.7 percent to 55,000 units sold.
Ian Shepherdson of Pantheon Macroeconomics said while the data were volatile, it suggested the current trend of rising sales and prices should continue through the summer.
“The May number is marginally stronger than implied by the mortgage data but the key point now is that the message for the next few months is one of much higher sales,” he said in a research note.
“The underlying rate of increase probably is now above 5 percent, which means that implied real mortgage rates are negative, making the idea of buying a house financially attractive.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us new home prices hit record in may us new home prices hit record in may

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us new home prices hit record in may us new home prices hit record in may

 



GMT 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling

GMT 11:34 2017 Wednesday ,22 March

33 Syrians killed in Air raid on Raqqa’s school

GMT 11:03 2017 Wednesday ,01 March

Asala declares her solidarity with George Wassouf

GMT 17:57 2017 Wednesday ,11 October

Mideast nations turn to private sector

GMT 14:11 2016 Wednesday ,30 November

Tunisia wins billion-dollar pledges to boost economy

GMT 23:41 2017 Tuesday ,26 September

Qatar laborer ‘sacked’ after speaking to UN team

GMT 04:28 2017 Tuesday ,21 March

Enrique Iglesias to headline Bahrain F1
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday