US New Home Sales Spike 16.6%, Economy Reopens

US New Home Sales Spike 16.6%, Economy Reopens

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Sales of new homes rose a strong 16.6% in May with the reopening of major parts of the country fueling healthy activity in the US housing market.

The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 676,000 last month.

That was a much better performance than expected. Most economists had forecast that sales would fall in May.

The median price of a new home rose 4.9% to $317,900 in May after falling by 8.7% in April, a decliner that was attributed to heavy discounting by builders in the midst of the C-19 coronavirus chaos shutdowns.

The Big sales rebound left activity in May 12.7% higher than a year ago.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.