US new-home sales jumped nearly 17% in May, more than economists expected, as buyers rushed back to the market
Economists surveyed by Bloomberg had expected a jump to an annualized rate of 640,000. In addition, the May rate is nearly 13% higher than the same month one year ago.
Homebuyers are flocking back to the housing market after months-long coronavirus pandemic lockdowns, fueled by low mortgage rates. Homebuyers are rushing back to the housing market fueled by record-low mortgage rates as the economy reopens from months-long lockdowns to contain coronavirus. Sales of new single-family homes jumped 16.6% in May from April, to a seasonally adjusted annualized pace of 676,000,. The median economist estimate was for 640,000, according to Bloomberg data.
In addition to a larger-than-expected monthly surge, May sales were nearly 13% higher than a year ago. As the US economy reopens, people are flocking back to the housing market in droves — the rosy sales are a rebound from three months of declines ending in April.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
An inside look at Stanford's mental health innovation course - Business InsiderAn inside look at Stanford's one-of-a-kind course on mental health innovation, where students mingle with industry experts and develop business plans aimed at revolutionizing the healthcare industry (by AnikaNayak)
Read more »
Latest News - MarketWatchGet the latest stock market, financial and business news from MarketWatch.
Read more »
Existing home sales bottom, Realtors forecast housing-market recovery - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Existing home sale plunge 9.7% in 3rd straight monthly dropIt was the third straight monthly decline and further evidence of the harm the virus pandemic has done to the housing market.
Read more »
Firework sales skyrocket in US, noise complaints up nearly 4000% in NYC - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Economic outlook: US business activity hits 4-month high in June - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »