FOREX TradingCharts.com

Financial News: U.S. New Home Sales Spike To Nearly Thirteen-Year

U.S. New Home Sales Spike To Nearly Thirteen-Year High In June

07/24/2020 - 10:39:00 (RTTNews)

(RTTNews) - After reporting a sharp increase in new home sales in the U.S. in the previous month, the Commerce Department released a report on Friday showing new home sales continued to spike in the month of June.

The Commerce Department said new home sales soared by 13.8 percent to an annual rate of 776,000 in June after skyrocketing by 19.4 percent to a revised rate of 682,000 in May.

Economists had expected new home sales to jump 3.6 percent to a rate of 700,000 from the 676,000 originally reported for the previous month.

With the much bigger than expected increase, new home sales continued to rebound after falling to the lowest annual rate in well over a year in April and reached their highest level since July of 2007.

New home sales in the Northeast showed a particularly sharp increase, spiking by 89.7 percent to an annual rate of 55,000.

The report said new home sales in the West also surged up by 18.0 percent, while sales in the Midwest and South jumped by 10.5 percent and 7.2 percent, respectively.

The median sales price of new houses sold in June was $329,200, up 6.1 percent from $310,200 in May and up 5.6 percent from $311,800 in the same month a year ago.

Meanwhile, the Commerce Department said the estimate of new houses for sale dipped to 307,000 at the end of June from 311,000 at the end of May.

The houses for sales represent 4.7 months of supply at the current sales rate, down from 5.5 months of supply in the previous month.

On Wednesday, the National Association of Realtors released a separate report showing existing home sales rebounded at a record pace in June following three straight months of declines.

NAR said existing home sales spiked by 20.7 percent to an annual rate of 4.72 million in June after plunging by 9.7 percent to a rate of 3.91 million in May. Economists had expected sales to skyrocket by about 24.5 percent.

"The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown," said Lawrence Yun, NAR's chief economist.

He added, "This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue."

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Employment Jumps More Than Expected In July (51 min(s), 56 sec(s) ago)
(RTTNews) - Employment in the U.S. increased by more than expected in the month of July, according ...Full Story»

Decline In Spain Industrial Production Slows In June (40 min(s), 56 sec(s) ago)
(RTTNews) - Spain industrial production continued to decline in June, but the pace of decrease slo ...Full Story»

German Industrial Production, Exports Growth Accelerates (25 min(s), 56 sec(s) ago)
(RTTNews) - Germany's industrial production and exports growth improved in June as the relaxat ...Full Story»

Greece Consumer Prices Fall For Fourth Month (14 min(s), 56 sec(s) ago)
(RTTNews) - Greece's consumer prices declined for the fourth straight month in July, data from ...Full Story»

Estonia Consumer Prices Fall Further In July (13 min(s), 56 sec(s) ago)
(RTTNews) - Estonia's consumer prices continued to decline in July, data from Statistics Eston ...Full Story»

Austria Wholesale Prices Fall; Trade Deficit Narrows (10 min(s), 56 sec(s) ago)
(RTTNews) - Austria's wholesale prices declined for the sixth straight month in July, and the ...Full Story»

Portugal Trade Deficit Narrows In June (12 min(s), 56 sec(s) ago)
(RTTNews) - Portugal's foreign trade deficit narrowed in June, amid declines in both exports a ...Full Story»

Dutch Industrial Production Decline At A Softer Pace (08 min(s), 56 sec(s) ago)
(RTTNews) - Dutch industrial production declined sharply in June, albeit at a softer pace, figures ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Employment Jumps More Than Expected In July

08/07/2020 - 10:30 AM (RTTNews)
(RTTNews) - Employment in the U.S. increased by more than expected in the month of July, according ...Full Story>>

Decline In Spain Industrial Production Slows In June

08/07/2020 - 09:19 AM (RTTNews)
(RTTNews) - Spain industrial production continued to decline in June, but the pace of decrease slo ...Full Story>>

German Industrial Production, Exports Growth Accelerates

08/07/2020 - 09:04 AM (RTTNews)
(RTTNews) - Germany's industrial production and exports growth improved in June as the relaxat ...Full Story>>

Greece Consumer Prices Fall For Fourth Month

08/07/2020 - 08:53 AM (RTTNews)
(RTTNews) - Greece's consumer prices declined for the fourth straight month in July, data from ...Full Story>>

Estonia Consumer Prices Fall Further In July

08/07/2020 - 08:52 AM (RTTNews)
(RTTNews) - Estonia's consumer prices continued to decline in July, data from Statistics Eston ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.