The U.S. Department of Commerce released data this week that shows new home sales rose to their highest level in seven years. Sales climbed 2.2 percent to a 546,000 annualized pace, exceeding all forecasts in a Bloomberg survey of economists and the most since February 2008. Readings for February through April were revised up. The May figure is 2.2% above April and puts the first two months of the second quarter at 3.8% ahead of the first quarter.
Inventory remained steady at 206,000 but because of the increase in sales, the months’ supply fell to 4.5, tied with February 2015 for the lowest since Jun 2013. Median sales price was down 1% from May 2014 as more homes below $150,000 were sold.
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