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Rising new home sales point to a strengthening housing market

Los Angeles Times - Jun 25, 2012

Sales of newly built single-family homes rose to their highest level in more than two years last month, adding to evidence that the U.S. housing market is on the mend and no longer dragging down the broader national recovery.

Real estate helped bring the U.S. out of past recessions as interest rates dropped, home sales increased and construction jobs jumped. But perhaps one of the most significant repercussions of the industry's collapse has been that housing hasn't been available to play its traditional role in the recovery.

That appears to be turning. Sales of new single-family houses in May rose 7.6% compared with April and 19.8% from May 2011, the Commerce Department reported Monday. The seasonally adjusted annual rate of sales was 369,000 last month, the highest level since April 2010, when a federal tax incentive for buyers that had been juicing the market expired, sending sales and prices into a renewed decline.

Read Full Article from Los Angeles Times

- Posted: 2012-06-25 22:08:06


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