New-Home Sales Dipped in May
Sales of new homes in May dipped 0.6 percent compared with April, and were down 33 percent compared with last May, the Commerce Department said this morning.
The number fell short of forecasters' projections for May, indicating that this housing "recovery" will bump along the bottom for some time.
The Commerce Department said the U.S. has a 10-month supply of unsold new homes. Until that number gets sold down to about a six-month supply, there can be no real housing recovery.
The May median sales price of a new home -- $221,600 -- was up 4.2 percent from April, but down 3.4 percent from a year ago.
-- Frank Ahrens
Sign up to get The Ticker on Twitter
By
Frank Ahrens
|
June 24, 2009; 11:53 AM ET
Categories:
The Ticker
| Tags: Commerce Department, home prices, home sales, housing crisis
Save & Share:
Previous: Report: Worst Over, But Recovery Will Be Long, Weak
Next: Buffett: 'Don't See How You Could Do Better' Than Bernanke
Posted by: cavatellie | June 24, 2009 12:04 PM | Report abuse
The comments to this entry are closed.
Shocking...gotta love the forecasters....anyone with common sense wasn't projecting anything good. I mean it took 8 years to create this mess...it's not going to resolve in 1-2 years.
Really have to start being realistic about these things.