0

Your Cart is Empty

NEW-HOME SALES SURGE IN MAY

July 05, 2012 1 min read

GUEST POST!  Home Sales in May 

From inventory levels to prices, the report was full of good news for the building industry.

Published June 25, 2012
 
IMAGE: TotalMortgage
 

New-home sales shot up in May, rising 7.6% for the month to a seasonally adjusted annual rate of 369,000, according to data released today by the U.S. Department of Commerce. Annually, sales were up 19.8%.

The report had plenty of other good news as well. Estimates for February and March were both revised up; inventory of completed homes for sale were at an all-time low; and new-home prices moved up for the fourth consecutive month.

The bad news is the market may not be quite as gangbusters as the numbers first appear. "One should never get too excited (or depressed) by the latest new-home sales figures because they are not estimated very well," wrote Patrick Newport, U.S. economist at IHS Global Insight, in a statement today. "May’s estimate fails the statistical significance test. (It almost always does.)"

Instead, Newport prefers to keep an eye on three-month moving averages, which he says show "sales inching up nationally and in three of the four regions," the exception being the Midwest. For support, he points to permit and builder sentiment data, which evidence the same trend.

See the Department of Commerce's full release on May’s new-home sales numbers.

 

For more information call GRAND BANKS 978-281-2421
Ryan Banks
Ryan Banks



Also in Blog

Modern Windows & Floating Cabins
Modern Windows & Floating Cabins

January 16, 2020 3 min read 0 Comments

This modern cabin boasts tall ceilings, exposed beams, floor-to-ceiling windows and doors, and a thoughtful balance between public and private spaces that creates an impression of volume and breadth. 
Read More
Practicing Gratitude
Practicing Gratitude

November 27, 2019 2 min read 0 Comments

Practicing gratitude can help you sit at the table with the family members you don’t agree with. It’s important to remember that we are all just people doing the best we can. 
Read More
Our Story
Our Story

November 07, 2019 2 min read 0 Comments

We have evolved a lot over the past 30 years, and we feel like this change is something that embodies our growth. 
Read More

Subscribe