U.S. sales of new homes jumped last month to the highest level in more than two years, further evidence of a sustained housing recovery that could help lift the lackluster economy. The Commerce Department said Wednesday that new home sales rose 5.7 percent in September to a seasonally adjusted annual rate of 389,000.
U.S. sales of previously occupied homes fell in September after hitting a two-year high in August, in part because there were fewer homes available for sale.
U.S. builders started construction on homes in September at the fastest rate since July 2008, a further indication that the housing recovery is strengthening and could help the economy grow.
A key measure of U.S. home prices jumped 4.6 percent in August compared to a year ago, the largest year-over-year increase in more than six years.
Sales of new homes in the United States dipped slightly in August from July but the median price of homes sold during the month rose by a record amount.
Home prices have finally started to inch higher. Builders are growing revenues again. But hold your applause: It may be too early to start calling this an actual housing recovery.
Americans signed the most contracts to buy homes in July than at any other point in the last two years, further evidence of a housing recovery.
The Standard & Poor's/Case-Shiller home price index showed increases in all of the 20 cities tracked for a second consecutive month, an encouraging sign that the housing market is improving.
Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years. The increase suggests home sales will rise this summer and the modest housing recovery will continue.
Most homebuilders saw their shares pop higher Tuesday after heavyweight Lennar released better-than-expected quarterly numbers -- but not KB Home. In fact, its shares actually fell. Here's why KB isn't invited to the housing recovery party.
U.S. homebuilders are growing less pessimistic about the housing market, despite tighter lending standards that have slowed home sales. The National Association of Home Builders/Wells Fargo builder sentiment index rose four points to 25 in January. That's the highest level since June 2007. It's just the third time the index has been at 20 or above in two years.
Americans bought slightly more new homes in November, but 2011 will likely end up as the worst year for sales in history. The Commerce Department says new-home sales rose 1.6 percent last month to a seasonally adjusted annual rate of 315,000. That's less than half the 700,000 new homes that economists say should be sold to sustain a healthy housing market.
Real estate bulls are relishing this week's fresh housing data: The Case-Shiller Index showed a 3.6% sequential uptick during the second quarter. Good news, to be sure, but home prices still fell during the first half of the year, and the trends in real estate don't look good for homeowners.
Home prices in 20 major U.S. cities rose a better than expected 0.6% in July compared to June, according to the S&P/Case-Shiller Home Price survey. However, year-over-year gains slowed, suggesting a slowdown in the nation's economic recovery.
