Existing Homes Sales Rise In April
May 31, 2010
In April, sales increased 7.6% on existing homes to an adjusted annual rate of 5.77 million up from 5.36 in March. Unsold homes on the market increased 11.5% to a figure of 4.01 million, which is an 8.4-month supply at the currently selling rate, which was up from an 8.1-month supply seen in March.
The city housing index (The Standard & Poor’s/Case-Shiller 20) did not change in March but saw a decrease in February of 0.1%.
In May, the consumer confidence index increased to 63.3 from a revised 57.7 seen in April. Economists expected a reading of 59. The index was at 100 in 1985 chosen as a benchmark “because it was neither a peak nor a trough in consumer confidence.”
In April, durable good orders which are expected to last three years or more increased 2.9% after a decrease in March of 1.2%. The rise is mainly due to a demand for commercial aircraft. Orders reported a fall of 1% not including volatile transportation related goods.
As reported by the Mortgage Bankers Association the seasonally adjusted index of mortgage applications for the week ending with May 21 increased 11.3%. Purchase volume fell 3.3% and refinancing applications rose 17%.
In April, new home sales increased to 14.85, which gave a seasonally adjusted annual rate of 504,000 units after a revised rate of 439,000 in March. Economists had predicted 425,000 units. This was the highest level seen since May 2008.
Unemployment benefits decreased by 14,000 to 460,000 for the week, which ended with May 22. Continuing claims for the week, which ended with May 15 decreased by 49,000 to 4.61 million.
Other reports upcoming include June 1 on construction spending, June 2 on pending home sales, and on June 3 for factory orders.
5 Comments to Existing Homes Sales Rise In April
Comments
Yes, i read this in some newspaper today that the homes sales have gone higher this month which can result to an increase in home prices.
That is great news. I understand Oklahoma was hit pretty hard. I live in the Antelope Valley and our houses are selling for less than half of what they did a couple years ago.
I would be happy if the prices just stopped going down.
Good luck in your neck of the woods.
Yes, i read this in some newspaper today that the homes sales have gone higher this month which can result to an increase in home prices.
the stop of the down spiral is finally some good news. Its been pretty hard lately.
sales of existing homes sales 7.6 percent to an annual rate of 5.8 million in April from the previous month.
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