Friday, April 24, 2015
YOLO COUNTY NEWS
99 CENTS

New-home sales rocket higher in May

By
From page A2 | June 24, 2014 |

WASHINGTON (AP) — Sales of new U.S. homes rose in May to the highest level in six years, providing the strongest signal yet that housing is recovering from a recent slowdown.

New home sales jumped 18.6 percent last month following a 3.7 percent increase in April, the Commerce Department reported Tuesday. The gains followed declines in February and March that were blamed in part on harsh winter weather.

The big May increase pushed the seasonally adjusted annual sales rate to 504,000, the highest level since May 2008.

“This is the strongest level since the end of the recession and is an encouraging sign that housing activity improved in the second quarter,” Cooper Howes, an economist at Barclays Research, said in an analyst note.

Home sales peaked last year at an annual rate of 459,000 in June, but then lost altitude. The decline reflected an increase in mortgage rates that occurred after the Federal Reserve began discussing pulling back on its monthly bond purchases that were keeping long-term interest rates low.

The inventory of unsold new homes was unchanged at 189,000 homes at the end of May, the same as April. That inventory level would be depleted in 4.5 months at the May sales pace, an extremely low level that underscored the fact that the supply of new homes remains well below historic averages.

Sales were up in all regions of the country in May, led by a 54.5 percent surge in sales in the Northeast. New home sales rose 34 percent in the West and 14.2 percent in the South. The Midwest had the smallest month-over-month sales gain of just 1.4 percent.

Even with the big overall gain, sales of new homes are still running at just about half the pace of a healthy real estate market.

But there have been some encouraging signs of a spring rebound in housing.

The National Association of Realtors reported Monday that sales of previously owned homes jumped 4.9 percent in May, the biggest one-month gain in nearly three years. That increase pushed the sales rate to 4.89 million homes, the strongest showing since last October.

While economists were encouraged by the second straight monthly gain in existing home sales, they noted that the sales rate is still below the recent peak of 5.38 million sales hit last July.

Higher mortgage rates and the bad weather weighed on sales of both existing and new homes in late 2013 and early 2014. But sales seem to be staging a rebound, helped by solid job growth and growing inventories of homes for sale, a development that has helped to hold down price increases.

Economists say there is significant pent-up demand for homes as many potential buyers put off purchases over the past few years because of concerns about the economy.

————

By Martin Crutsinger, AP economics writer

Comments

comments

The Associated Press

.

News

New design submitted for conference center

By Dave Ryan | From Page: A1 | Gallery

 
Water and power have a troubling interdependency

By New York Times News Service | From Page: A1 | Gallery

 
Bob Dunning: Fairness is an afterthought for them

By Bob Dunning | From Page: A2

Los Angeles march to commemorate Armenian killings

By The Associated Press | From Page: A2

 
Hostage deaths a reminder of risk of ‘deadly mistakes’

By The Associated Press | From Page: A2

Walkers head out three times weekly

By Enterprise staff | From Page: A4Comments are off for this post

 
Got bikes? Donate ‘em!

By Enterprise staff | From Page: A4

 
Need a new best friend?

By Enterprise staff | From Page: A4 | Gallery

Beginning tai chi classes start May 5

By Enterprise staff | From Page: A4

 
College Night set April 30 at DHS

By Enterprise staff | From Page: A4

School board hears report on health services

By Jeff Hudson | From Page: A5

 
Tour of co-ops precedes Sacramento conference

By Special to The Enterprise | From Page: A5

Mamajowali will perform at benefit house concert

By Enterprise staff | From Page: A6 | Gallery

 
Explorit: Celebrate International Astronomy Day

By Special to The Enterprise | From Page: A6

Learn basics of composting in Woodland

By Special to The Enterprise | From Page: A6

 
Winkler Dinner raises funds for enology, viticulture activities

By Enterprise staff | From Page: A8 | Gallery

Raptor Center welcomes visitors at May 2 open house

By Trina Wood | From Page: A8 | Gallery

 
Take a peek at region’s past at Tremont Mite Society’s social

By Special to The Enterprise | From Page: A8 | Gallery

BeerFest expands to include cider

By Enterprise staff | From Page: A8

 
Mapping where human action is causing earthquakes

By New York Times News Service | From Page: A9

Hummingbird health: Appreciating the little things

By Kat Kerlin | From Page: A12 | Gallery

 
.

Forum

 
Thanks for supporting the arts

By Letters to the Editor | From Page: B4

Bike Swap another success

By Letters to the Editor | From Page: B4

 
Drink is a tasteless insult

By Letters to the Editor | From Page: B4

Tom Meyer cartoon

By Debbie Davis | From Page: B4

 
The fight for gender pay equity

By Special to The Enterprise | From Page: B4

It’s a depressing beat

By Creators Syndicate | From Page: B5

 
.

Sports

Lehner talks about the UCD student-athlete experience

By Bruce Gallaudet | From Page: B1

 
Reeling Blue Devils stop skid against Sheldon

By Evan Ream | From Page: B1 | Gallery

Aggie Spring Game environment will up the gridiron fun factor

By Bruce Gallaudet | From Page: B1 | Gallery

 
Rare DHS track loss still full of highlights

By Enterprise staff | From Page: B1

 
DYSA roundup: Lester, Osborne lead Storm over Dixon

By Enterprise staff | From Page: B3 | Gallery

Lady Demons’ fundraiser a smash hit

By Enterprise staff | From Page: B3 | Gallery

 
Pro baseball roundup: River Cats lose their fourth straight

By Staff and wire reports | From Page: B12

.

Features

.

Arts

 
‘Ex Machina': The perils of playing God

By Derrick Bang | From Page: A10 | Gallery

Ceramicist works will be featured at The Artery

By Special to The Enterprise | From Page: A11 | Gallery

 
.

Business

Chamber expands Korean sister-city opportunities

By Felicia Alvarez | From Page: A5 | Gallery

 
Car Care: Tips for buying your first ATV

By Special to The Enterprise | From Page: B6

Subaru goes rear-wheel drive with sporty BRZ coupe

By Ann M. Job | From Page: B7 | Gallery

 
.

Obituaries

Whitney Joy Engler

By Special to The Enterprise | From Page: A4

 
Valente Forrest Dolcini

By Special to The Enterprise | From Page: A4

.

Comics

Comics: Friday, April 24, 2015

By Creator | From Page: B5