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News : US Economy Last Updated: Jun 25, 2014 - 7:30 AM


Sales of newly built US homes jumped in May; Annual city prices slowed in April
By Michael Hennigan, Finfacts founder and editor
Jun 24, 2014 - 4:36 PM

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Sales of newly built US homes jumped in May to their highest level in six years, while a city home price index covering both 10 and 20 major US cities rose 10.8% in the year ended in April, according to the S&P/Case-Shiller Home Price Index report. The 20-city price index is down from a 12.4% yearly rate in March and year-over-year growth of 13.7% in November.

Sales of new single-family homes rose 18.6% from April to a seasonally adjusted annual rate of 504,000, the Census Bureau said Tuesday. Sales were 16.9% above the May 2013 level.

The median sales price of new houses sold in May 2014 was $282,000; the average sales price was $319,200.

The seasonally adjusted estimate of new houses for sale at the end of May was 189,000. This represents a supply of 4.5 months at the current sales rate.

Sales of existing homes increased 4.9% the past month to a seasonally adjusted annual rate of 4.89m homes, the National Association of Realtors said Monday. The rate was the highest since October, the last month annualised sales topped the 5m mark.

Coupled with an improvement in April, the May figure points to a housing market that has recovered from a grim winter.

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