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


Leave a comment

Comments will be approved before showing up.


Also in Projects

Taking the Leap
Taking the Leap

October 06, 2021 2 min read

They knew what they wanted, but it was a bit outside of a traditional design. They wanted black base cabinets, with white cabinetry on the walls. It was another leap. 

Read More
A New Old Home
A New Old Home

September 21, 2021 4 min read

Everyone wants to preserve that feeling of history, but we also want our homes to feel modern and stylish. Crane Properties  has shown us that you can do both.
Read More
Wohnhaus
Wohnhaus

September 14, 2021 3 min read

The view enjoyed by the residents of the Molde house in Norway is like a painting – all thanks to the Schüco FWS 35 PD.SI façade system, which has been installed here in Norway for the first time. 
Read More