New-home sales got a big lift last month, selling at the fastest pace in two years, the Commerce Department reported Monday.
Single-family home sales rose 7.6% putting them at the highest level since April of 2010. In addition, prices are on the rise too. The median price is now $234,500!
"May's sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is in keeping with our expectations for continued, steady improvement through the end of this year," says David Crowe, National Association of Home Builders’ chief economist.
The market still has a long way to go in order to fully recover, but every little step is a good and hopeful sign.
Source: “New-home Sales Surge to Fastest Pace in Two Years,” MSNBC.com (June 25, 2012) and National Association of Home Builders
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