Home sales up, but prices down

The Commerce Department has reported that sales of new single-family homes was up 16.2% in April, a far larger amount than the 0.2% that was expected. This is the biggest monthly increase percentage wise in the last 14 year. However, due to the fact that builders have been slashing prices in order to move their huge inventory of unsold homes, the median price of a new home sold fell 11.1 percent from the previous month.

The Commerce Department also reported that orders from U.S. factories for big-ticket manufactured goods increased by 0.6%. However, the labor Department stated that the number of recent workers filing for unemployment rose by 15,000 in one week. But the level of claims remains at a level which indicates a healthy labor market. Analysts believe U.S. factories are starting to make a rebound after being weakened by the decline in housing and automotive demands.

The increase in demand for good, and the potential for an economic rise have analysts hoping that this will lead to an increase in housing demand. However, there’s no way of knowing when that demand will start to spill over into the housing market.

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Joshua Talayka
Chase International
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