Cleaning & Restoration Breaking News

US new home sales rose 1.7 pct in April

WASHINGTON, May 27 (Reuters) - Buyers snapped up new U.S. homes at a stronger-than-expected pace in April, the government said on Tuesday, as low mortgage rates continued to fuel a firm housing market.

The Commerce Department said new home sales rose 1.7 percent to a seasonally adjusted annual rate of 1.028 million, the third fastest pace since the government began tracking the data in 1963. March sales were revised slightly to a 1.011 million rate from the previously reported 1.012 million pace.

With mortgage rates at their lowest in decades, the housing market has continued to be one of the few pillars of strength in a sluggish economy. A weather-related dip in February sales had raised concerns the market could be cooling.

Analysts polled by Reuters had expected a softer reading, projecting sales of about a 986,000 rate. April's rate was the strongest since December 2002's 1.052 million clip.

Economists watch sales of new and existing homes closely, as new homebuyers also tend to spend money on furnishings and other durable goods. In a separate report on Tuesday from the National Association of Realtors, sales of existing homes rose to a 5.84 million annual rate.

In the Commerce report, the supply of new homes on the market fell to 3.9 months' worth from 4.1 months in March. That's the leanest supply since September 2002 when the figure was also 3.9 months.

There was mixed data on home price trends. The median price for new home sales -- with half of prices above it and half below -- fell slightly to $185,100 from $185,400. But the average new home price rose a bit, to $235,000 from $231,100.

Home sales were up in three of the nation's four regions, according to the Commerce report. Annual sales in the Midwest posted the largest gain, 13.4 percent, to a 186,000 rate, while sales in the West saw a 4.3 percent increase, to 267,000. The South, the largest market for new homes, eked out a 0.6 percent gain to a 487,000 annual sales pace.

The Northeast, however, saw sales dip 17.8 percent, to an 88,000 annual rate.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Yes, it's only February now - several weeks or months before the thaw depending on where you live - and hopefully this winter has been a profitable one for your business during the historical slow season. But now's also the time to start planning for the busy season - spring - so that you can hit the ground running. In this episode of The Hitman Advertising Show, John Braun shares tips and tricks on how to make this spring your most profitable yet.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 Jan/Feb

The Jan/Feb ICS issue features content on cleaning services during the winter time, commercial cleaning, rug cleaning, new with rugs, marketing for restoration and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view