Fastest pace of new home sales in six years


May's adjusted annual pace of 504K new home sales is the fastest print in six years. The number is 18.6% above April's pace and 16.9% higher than a year ago. The supply of new homes on the market at the current sales pace dropped to 4.5 months worth from 5.3 months in April.

Sales in the Northeast jumped to 34K from 22K in April, and those in the West to 130K from 97K.

Full report

Homebuilder ETFs: ITB +1.2%, XHB +0.7%.

Toll Bros. (TOL +1.2%), Lennar (LEN +1.4%), D.R. Horton (DHI +1.7%), KB Home (KBH +1.7%), Hovnanian (HOV +1.3%), PulteGroup (PHM +1.3%)

Previously: New home sales soar past estimates

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Comments (16)
  • permanent
    , contributor
    Comments (492) | Send Message
     
    That is a good number if you look at it in context with rising rates it is even better.
    24 Jun 2014, 10:18 AM Reply Like
  • IValueGrowth
    , contributor
    Comments (46) | Send Message
     
    Rates are down since the beginning of 2014. I do not see either of these trends continuing through the second half of 2014.
    25 Jun 2014, 01:25 AM Reply Like
  • bbro
    , contributor
    Comments (11227) | Send Message
     
    Completed Homes for Sale still a very low 46,000...20 year average for this metric is 97,000..low inventory = no recession...
    24 Jun 2014, 10:20 AM Reply Like
  • geewizz@1
    , contributor
    Comment (1) | Send Message
     
    Once again.................... wait to see the April/May adjustments!
    24 Jun 2014, 10:36 AM Reply Like
  • samuraitrader
    , contributor
    Comments (883) | Send Message
     
    "These statistics are estimated from sample surveys. They are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. "

     

    "The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. "
    24 Jun 2014, 10:55 AM Reply Like
  • bbro
    , contributor
    Comments (11227) | Send Message
     
    "bias and variance from response, nonreporting, and undercoverage. "

     

    Isn't that another name for Zerohedge...
    24 Jun 2014, 11:06 AM Reply Like
  • SoCalNative+(RIP)
    , contributor
    Comments (651) | Send Message
     
    You mean Zerohope?
    24 Jun 2014, 11:10 AM Reply Like
  • samuraitrader
    , contributor
    Comments (883) | Send Message
     
    a thin line between hope and denial. :-)
    24 Jun 2014, 01:11 PM Reply Like
  • samuraitrader
    , contributor
    Comments (883) | Send Message
     
    its from the report linked above. more than just a headline.
    24 Jun 2014, 01:11 PM Reply Like
  • rubber duck
    , contributor
    Comments (194) | Send Message
     
    Top tier home sales are doing well, look at the markets where the homes are, average joe is not so lucky.
    24 Jun 2014, 11:29 AM Reply Like
  • june1234
    , contributor
    Comments (4414) | Send Message
     
    SPY same as before not up 50. Its a good number in todays number speak or bloombergish talk. They are building and selling less than 1/2 the amount of homes they were in 2006, when there were 7 to 10 million fewer people around
    24 Jun 2014, 01:54 PM Reply Like
  • toneroner
    , contributor
    Comments (288) | Send Message
     
    resold homes reported well and this is certainly positive news, especially after all the negative sentiment surrounding the housing market recently
    24 Jun 2014, 03:41 PM Reply Like
  • MisterJ
    , contributor
    Comments (1178) | Send Message
     
    The positive news keeps rolling in after the winter lull. Now we need lower oil prices and it will be great.
    24 Jun 2014, 04:04 PM Reply Like
  • johnch789
    , contributor
    Comments (47) | Send Message
     
    fat chance on the oil hopes
    24 Jun 2014, 04:14 PM Reply Like
  • johnch789
    , contributor
    Comments (47) | Send Message
     
    In my immediate neighborhood (within a one mile radius) there are the highest numbers of homes for sale we have ever witnessed (14 as of today) .... these are lower priced homes (120,000 to about 210,000) ... but it is reflective of the recent Italian owned mill closing down after over 100 years ..... etc....
    this news is at times culled and created ... as is the unemployment reports that fail to inform the reader that the new jobs are service low paying bs jobs ....

     

    hmmm did the market just do a mini correction ? well yes it did .... oil is about to rocket higher ... please stay tuned to your gas pump
    24 Jun 2014, 04:12 PM Reply Like
  • mrdirt
    , contributor
    Comments (766) | Send Message
     
    Generation R – Millennials are largely living at home or opting to rent. What happens when homeownership is less accessible to younger Americans? This is incredibly important information. The middle class was largely developed around the mythology of owning a home. Most Americans contain all of their net worth in the equity of their home. Yet today, home prices are largely out of the reach of younger Americans with lower salaries.http://bit.ly/1jfjc4c
    24 Jun 2014, 05:04 PM Reply Like
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