New home sales report shows promise

Support Team DML. Get the bumper sticker. CLICK HERE

Bloomberg reports new home sales in the U.S., which account for 10 percent of the residential market, reached a seven-month high in February.

Commerce Department data showed sales rose 6.1 percent to a 592,000 annualized pace, adding that single-family home purchases are also proving to be on an upward, positive trend.

Home purchases increased in the West and South, according to the report, and saw a 30.9 percent jump in the Midwest making it the strongest pace since November of 2007. The report indicated warm weather could be a contributing factor to the sales boom in the Midwest.

According to Bloomberg, there were 266,000 new houses on the market at the end of February, with the average sales price being $296,200.

As for home resales, Bloomberg reports sales dropped 3.7 percent to a 5.48 million annual rate.

H/T: Bloomberg

"BUILD THE WALL" bumper stickers now on sale. (BUY NOW)

If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).

To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.


Comment via Facebook

Send this to a friend