Following a report that showed existing home sales climbing last month to the highest rate since late 2009, the Commerce Department released its results for May new home sales on Tuesday. This article from The Wall Street Journal highlights the results.
Sales of newly built homes rose in May to the highest level since the recession, another sign the housing market is building steam after years of sluggish progress.
New-home sales increased 2.2% over the month to an annual rate of 546,000. That marked the best month of sales since February 2008, and it followed an 8.1% surge in sales in April.
The figure comes amid a flurry of other signs that more Americans are buying homes after a run of strong job growth, buoyed by slightly looser lending standards and historically low mortgage rates.
“While we have yet to see whether the recent momentum in housing will sustain, there’s no doubt that we’re in a healthier and more robust market where consumers stand to benefit,” Bill Banfield, Quicken Loans vice president, said in a statement. “With inventory slipping a bit, expect to see home construction pick up the slack in the coming months.”
The broader trend shows healthy growth, with sales up 19.5% over the past year.
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