Steel Markets
June 24, 2014
New Home Sales Make Surprise Surge
Written by Sandy Williams
Sales of new single-family home sales rose to a seasonally adjusted annual rate of 504,000 in May, the highest level since May 2008, according to Census Bureau data. Sales were well above analyst estimates of 415,000 to 462,000, surging 18.6 percent above the revised April rate of 425,000 and 16.9 percent above the May 2013 estimate of 431,000.
The median sales price of new houses rose sharply in May 2014 to $282,000, from $275,800 the previous month and 263,600 in May last year. Median price, however, has yet to climb back to March’s price of $285,400.
