The U.S. Commerce Department reported new U.S. single-family home sales rose 7.3% to a seasonally adjusted 323,000 unit annual rate. This was the second straight month of gains and the highest level since December!
Economists had predicted new home sales would remain unchanged at 300,000 unit rate, thus this was an unexpected pleasure. The government report indicated Home Sales Prices had increased slightly, further suggesting the Real Estate market is stabilizing and recovering.
See T&C article on “Where’s the Bottom” for more insight to our local recovery in the housing market.