Friday, January 30, 2015
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

Town hall focuses on Coordinated Care Initiative

By Anne Ternus-Bellamy | From Page: A1

 
Parents will get tools to help their children thrive in school

By Enterprise staff | From Page: A1 | Gallery

Need a new best friend?

By Enterprise staff | From Page: A2 | Gallery

 
Walkers head out three times weekly

By Enterprise staff | From Page: A3Comments are off for this post

Free tax preparation service begins Monday

By Special to The Enterprise | From Page: A3

 
Vote for your favorites in Readers’ Choice poll

By Enterprise staff | From Page: A3

No bare bottoms, thanks to CommuniCare’s Diaper Drive

By Special to The Enterprise | From Page: A3

 
Storyteller relies on nature as his subject on Saturday

By Enterprise staff | From Page: A3

Still time to purchase tickets for DHS Cabaret

By Enterprise staff | From Page: A3

 
All voices welcome at sing-along Wednesday

By Enterprise staff | From Page: A3

Great Chefs Program will feature Mulvaney

By Special to The Enterprise | From Page: A3

 
February science fun set at Explorit

By Lisa Justice | From Page: A6 | Gallery

Take a photo tour of Cuba at Flyway Nights talk

By Enterprise staff | From Page: A6 | Gallery

 
.

Forum

Time for bed … with Grandma

By Creators Syndicate | From Page: B5

 
Tom Meyer cartoon

By Debbie Davis | From Page: A10

 
A ‘new deal’ for the WPA building

By Special to The Enterprise | From Page: A10

Protect root zone to save trees

By Letters to the Editor | From Page: A10

 
Weigh quality of life, density

By Letters to the Editor | From Page: A10

Olive expert joins St. James event

By Letters to the Editor | From Page: A10

 
We’re grateful for bingo proceeds

By Letters to the Editor | From Page: A10

.

Sports

UCD has another tough football schedule in 2015

By Enterprise staff | From Page: B1

 
Gould’s influence felt mightily in recent Super Bowls

By Bruce Gallaudet | From Page: B1

Mustangs hold off UCD women

By Enterprise staff | From Page: B1 | Gallery

 
UCD men set new school D-I era win record

By Bruce Gallaudet | From Page: B1 | Gallery

Sports briefs: Watney, Woods start slow at TPC Scottsdale

By Enterprise staff | From Page: B2

 
Sharks double up Ducks

By The Associated Press | From Page: B2 | Gallery

Recall that first Aggie TV game, national title?

By Bruce Gallaudet | From Page: B8 | Gallery

 
.

Features

.

Arts

 
‘Song of the Sea’ is an enchanting fable

By Derrick Bang | From Page: A11 | Gallery

‘Artist’s Connection’ launches on DCTV

By Special to The Enterprise | From Page: A11

 
February show at YoloArts’ Gallery 625 is ‘Food for Thought’

By Special to The Enterprise | From Page: A12 | Gallery

Gross’ paintings highlight a slice of Northern California

By Enterprise staff | From Page: A12 | Gallery

 
.

Business

.

Obituaries

.

Comics

Comics: Friday, January 30, 2015

By Creator | From Page: A9