Sudanese PM thanks Saudi leadership for unlimited humanitarian support    Saudi Arabia exit FIBA Asia Cup after overtime heartbreak against Philippines    Cristiano Ronaldo and Georgina Rodriguez announce engagement after eight years together    In call with Abbas, Saudi Crown Prince condemns brutal Israeli practices in Gaza    Bahri categorically denies transporting shipments to Israel    Saudi Arabia's ranking on Mining Investment Attractiveness Index jumps to 23rd from 104th globally    Funerals held for journalists killed in Israeli strike on Gaza City    Saudi Crown Prince, Jordanian King discuss developments in Gaza    Kuwait grants tourist visas on arrival to foreign GCC residents    Turkey earthquake flattens buildings in north-east Balikesir province    New voters list in Indian state includes wrong photos and dead people    Adidas designer sorry for shoes 'appropriated' from Mexico    GASTAT: Saudi Industrial Production Index jumps 7.9% in June    Tourism Ministry: Late arrivals won't extend hotel check-out time    Mexico accuses Adidas of cultural appropriation in sandal design    Saudi Film Commission invites local filmmakers to submit for first-ever Oscar entry    Al Hilal sign Uruguay striker Darwin Núñez from Liverpool    Al Ahli sign Enzo Millot from Stuttgart on three-year deal    Saudi woman donates 80% of her liver to co-wife in rare act of generosity    SFDA marks World Breastfeeding Week with awareness push on mother-child health    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



U.S. New Home Sales Surge
Published in Saudi Press Agency on 24 - 06 - 2014

Sales of new U.S. single-family homes rose in May to the highest level in six years, the government reported Tuesday, providing the strongest signal yet that housing is recovering from a recent slowdown.
The Commerce Department said sales surged 18.6 percent - the biggest monthly increase since early 1992 - to an annual rate of 504,000 units, the highest level since May 2008. The May increase was significantly bigger than economists had expected.
Compared to May 2013, sales were up 16.9 percent, pointing to some momentum in the new-homes market.
The inventory of unsold new homes was unchanged at 189,000 in May, an extremely low level that highlighted the fact that the supply of new homes remains well below historic averages. With inventories tight, the median price of a new home increased 6.9 percent last month from a year earlier. However, the pace of home-price gains is slowing, which should help to stimulate demand for houses.
Home sales peaked last year at an annual rate of 459,000 in June, but then weakened. The decline reflected an increase in mortgage rates that occurred after the Federal Reserve (Fed) started discussing reductions to its monthly bond purchases that were keeping long-term interest rates low.
Even with the big overall gain in May, sales of new homes still are at half the pace of a healthy real-estate market. But there have been some encouraging signs of a spring rebound in housing, including a report Monday that sales of previously owned homes jumped 4.9 percent in May, the biggest monthly gain in almost three years.


Clic here to read the story from its source.