New Home Sales and Prices Rise in April
New home sales rose more than expected in April to a seasonally adjusted annual rate of 517,000 units, a 6.8% improvement over the March number of 484,000 units and above economist estimates of 510,000. Housing supply remains tight at 4.8 months (6 months is considered a balanced market), and median price for a new home rose 8.3% from a year ago to $297,300.
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Existing Home Sales Dip
The National Association of Realtors reported that the pace of existing home sales fell in April to an annualized rate of 5.04 million, a drop of 3.3% from the month
Residential Investment to Increase in 2015?
One of the most lucid commentators on housing market economics, Calculated Risk’s Bill McBride, see an increase in residential investment for 2014. As the charts in this blog post make