ethics
06-24-2005, 11:12 AM
New-home sales increased during May, but the level of sales was revised lower for prior months.
Sales of single-family homes rose 2.1% to a seasonally adjusted annual rate of 1.298 million, the Commerce Department said Friday. In a Dow Jones Newswires-CNBC survey, the median estimate of 22 economists said sales would rise 0.3% to a 1.320 million annual rate.
April sales slipped a revised 0.1%. The government lowered the annual rate to 1.271 million from an earlier estimated 1.316 million. March sales rose 2.0% to 1.272 million -- lower than the earlier estimated 1.313 million.
Analysts nonetheless have been characterizing the housing market as "red hot." Fanning the fire are low mortgage rates and modest but steady job growth.
Average and median home prices fell last month. The average price was $281,400, down from a revised $282,500 in April. The median price was $217,000, down from a revised $232,200.
The average 30-year mortgage rate was 5.72% last month, down from 5.86% in April, according to Freddie Mac. U.S. home construction increased 0.2% in May to a seasonally adjusted 2.009 million annual rate. Sales of existing homes in the U.S. decreased but, still, remain robust, finishing May at their second-highest level ever, the National Association of Realtors said Thursday.
Commerce's report Friday showed new-home demand up in two regions in the U.S. during May. Sales rose 22.9% in the Midwest and 1.7% in the West. Demand fell 24.5% in the Northeast and 0.8% in the South. The inventory of homes on the market held steady at a 4.2 months' supply.
An estimated 442,000 homes were actually sold in May, up from 437,000 in April, based on figures not seasonally adjusted.
Full report attached.
Sales of single-family homes rose 2.1% to a seasonally adjusted annual rate of 1.298 million, the Commerce Department said Friday. In a Dow Jones Newswires-CNBC survey, the median estimate of 22 economists said sales would rise 0.3% to a 1.320 million annual rate.
April sales slipped a revised 0.1%. The government lowered the annual rate to 1.271 million from an earlier estimated 1.316 million. March sales rose 2.0% to 1.272 million -- lower than the earlier estimated 1.313 million.
Analysts nonetheless have been characterizing the housing market as "red hot." Fanning the fire are low mortgage rates and modest but steady job growth.
Average and median home prices fell last month. The average price was $281,400, down from a revised $282,500 in April. The median price was $217,000, down from a revised $232,200.
The average 30-year mortgage rate was 5.72% last month, down from 5.86% in April, according to Freddie Mac. U.S. home construction increased 0.2% in May to a seasonally adjusted 2.009 million annual rate. Sales of existing homes in the U.S. decreased but, still, remain robust, finishing May at their second-highest level ever, the National Association of Realtors said Thursday.
Commerce's report Friday showed new-home demand up in two regions in the U.S. during May. Sales rose 22.9% in the Midwest and 1.7% in the West. Demand fell 24.5% in the Northeast and 0.8% in the South. The inventory of homes on the market held steady at a 4.2 months' supply.
An estimated 442,000 homes were actually sold in May, up from 437,000 in April, based on figures not seasonally adjusted.
Full report attached.