Sunday, October 19, 2014
YOLO COUNTY NEWS
99 CENTS

New-home sales plummet in June

By
From page A2 | July 24, 2014 |

WASHINGTON (AP) — Sales of new U.S. homes plunged in June, a sign that real estate continues to be a weak spot in the economy.

New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000, the Commerce Department said Thursday. The report also revised down the May sales rate to 442,000 from 504,000.

Buying of new homes fell 20 percent in the Northeast, followed by less extreme declines in the Midwest, South and West. The modest sales caused the inventory of new homes on the market to increase to 5.8 months, the highest since October 2011.

The median sales price was $273,500, up 5.3 percent over the past 12 months.

“Today’s report underscores” Federal Reserve Chair Janet Yellen’s “observation in testimony last week that housing sector data still are ‘disappointing,'” said Dana Saporta, director of economic research at the bank Credit Suisse.

Home sales had been improving through the middle of 2013, only to stumble over the past 12 months due to a mix of rising prices, higher mortgage rates and meager wage growth.

The pressures from mortgage rates have eased since the start of 2014 and the pace of price increases have slowed. Still, other indicators suggest that home-buying has stalled after rebounding from lows reached during the Great Recession.

The National Association of Realtors reported that sales of existing homes increased 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million homes. It marked the first time that sales have been above the 5 million-mark since October.

Economists were encouraged by the second straight monthly gain in existing home sales, though those sales are still hovering below the recent peak of 5.38 million sales hit last July.

Nasty winter storms weighed on sales of both existing and new homes in late 2013 and early 2014, making it unlikely that sales can match last year’s pace. Sales of existing homes are expected to be below the 5.1 million homes bought last year and the 5.5 million annual sales that would be consistent with a healthy housing market.

Still, there are indications that sales could pick up.

Along with the arrival of spring, average mortgage rates have dropped to 4.13 percent, from 4.53 percent at the beginning of this year, according to Freddie Mac. The rate of price gains has slowed as the inventory of homes for sale has improved. But wage growth has barely kept pace with inflation, reducing how much income people have to spend and save for down payments.

Comments

comments

The Associated Press

.

News

$18.75M grant aims to build global food security

By Special to The Enterprise | From Page: A1 | Gallery

 
Return to sender: MRAP removal options go to council

By Dave Ryan | From Page: A1 | Gallery

 
Housing First pilot project targets West Sac homeless

By Anne Ternus-Bellamy | From Page: A1

Howzat! Cricket tradition grows in Davis

By Lily Holmes | From Page: A1 | Gallery

 
Hawaii hit by winds, rain as hurricane veers west

By The Associated Press | From Page: A2

 
For the record

By Enterprise staff | From Page: A2

Evidentiary hearing set for man shot by CHP

By Lauren Keene | From Page: A2

 
Cop witnesses car-pedestrian collision

By Lauren Keene | From Page: A2

Guns to be discharged at police range

By Lauren Keene | From Page: A3

 
Donate used books at Co-op

By Enterprise staff | From Page: A3

Love-life tips on ‘Heart to Heart’

By Enterprise staff | From Page: A3

 
Wolk sets ‘Morning with the Mayor’

By Enterprise staff | From Page: A3

Volunteers sought to chip in on parks cleanup

By Enterprise staff | From Page: A3

 
DHS ski and snowboard swap set on Nov. 9

By Enterprise staff | From Page: A3

Quiz Master Gardeners at open house

By Enterprise staff | From Page: A3

 
Firefighters on the town

By Wayne Tilcock | From Page: A3

 
Senior Computer Club hears from county official

By Enterprise staff | From Page: A3

Celebrate origami at Davis library

By Enterprise staff | From Page: A3

 
Safe viewing of solar eclipse planned

By Special to The Enterprise | From Page: A3

Fill the Boot for the hungry

By Lauren Keene | From Page: A3

 
Crash victim ID’d as Woodland man

By Lauren Keene | From Page: A3

 
Apply by Friday for Biberstein grants

By Special to The Enterprise | From Page: A4

Esparto home targeted in three-city pot bust

By Lauren Keene | From Page: A4

 
Wolk earns perfect score from senior advocates

By Enterprise staff | From Page: A7

UCD celebrates 50 years of global agricultural success

By Special to The Enterprise | From Page: A9 | Gallery

 
Special education information night scheduled

By Jeff Hudson | From Page: A11

Be on the lookout for tagged Monarch butterflies

By Kathy Keatley Garvey | From Page: A16 | Gallery

 
.

Forum

Old news disturbs the present

By Creators Syndicate | From Page: B5

 
A bionic hand with feeling

By The Associated Press | From Page: A8

Are we there yet? Yik Yakking the day away

By Tanya Perez | From Page: A8

 
Take time to reach out for help

By Creators Syndicate | From Page: A8

Teach cyclists to obey laws

By Letters to the Editor | From Page: A14

 
Let’s take Davis’ energy future seriously

By Special to The Enterprise | From Page: A14

Ain’t Snow Mountain high enough

By Our View | From Page: A14

 
Proposed lights harm kids

By Letters to the Editor | From Page: A14

Be careful cycling on Fifth

By Letters to the Editor | From Page: A15

 
Water theater isn’t fun

By Letters to the Editor | From Page: A15

Elect Granda to board

By Letters to the Editor | From Page: A15

 
Yes on Prop. 47: reasonable changes to curb recidivism, save money

By Special to The Enterprise | From Page: A15

No on Prop. 47: an end to safe neighborhoods, and more victims

By Special to The Enterprise | From Page: A15

 
.

Sports

Vargas emerges from crowded Aggie WR corps

By Bruce Gallaudet | From Page: B1 | Gallery

 
Competitive Aggies fall at No. 6/7 Montana

By Bruce Gallaudet | From Page: B1 | Gallery

 
Devils stick it to Chico, cancer

By Evan Ream | From Page: B1 | Gallery

JV Devils fall to Franklin

By Enterprise staff | From Page: B2

 
Niemi leads Sharks to win

By The Associated Press | From Page: B4

UCD roundup: Big crowd sees Aggies nip Guachos

By Enterprise staff | From Page: B8 | Gallery

 
.

Features

.

Arts

.

Business

 
Davis is a temple for fine beverages

By Wendy Weitzel | From Page: A5 | Gallery

Arcadia Biosciences earns spot on global innovation list

By Special to The Enterprise | From Page: A6

 
35 employers will be at West Sac job fair

By Special to The Enterprise | From Page: A6

Rob White: Building an economy on innovation

By Rob White | From Page: A6

 
.

Obituaries

Peggy Belenis Swisher

By Special to The Enterprise | From Page: A4

 
Sadie Louise Barga

By Special to The Enterprise | From Page: A4

Morgan Wheeler

By Special to The Enterprise | From Page: A4

 
.

Comics

Comics: Sunday, October 19, 2014

By Creator | From Page: B8