Home Sales Roar Back in April
Break out the champagne in the office to celebrate the housing industry breaking a decades-long record: new U.S. single-family home sales recorded their biggest gains in 24 years in April, according to a new report from the Commerce Department.
“Consumers are taking the leap and buying the biggest of big ticket items of their lives and this speaks to confidence. The Federal Reserve can raise rates at their June meeting without fear the economy is going to slow,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.
However, the increase in sales significantly pushed the nation’s already low supply of homes even lower, now standing at a 4.7-month supply, which leads us to our article below. However, the Commerce Department report also boasted additional news. The report showed a surge in new home prices, jumping up 16.6 percent to a seasonally adjusted rate of 619,000 – the highest level since January 2008.
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